By Christopher Rugaber | Associated Press
WASHINGTON — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. And the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.
Though smaller than its previous hike — and even larger rate increases before that — the Fed’s latest move will likely further raise the costs of many consumer and business loans and the risk of a recession.
In a statement, Fed officials repeated language they’ve used before that says, “ongoing increases in the (interest rate) target range will be