Business

The Federal Reserve raised its benchmark interest rate by another three-quarters of a percentage point, to a range of between 3% and 3.25%. It was the third consecutive such increase and came after figures showed that inflationary pressures are moving extensively beyond food, energy and goods to services prices, such as rent. The Fed now projects the rate to rise to at least 4.25% by the end of the year. Jerome Powell, the central bank’s chairman, said “We have to get inflation behind us”, and that there was no painless way to do so.