Fed raises interest rate fourth consecutive time, in attempt to slow troubling inflation

The Federal Reserve on Wednesday increased the short-term interest rate 0.75% for the fourth consecutive time, in an effort to slow persistently high inflation. 

The announcement was made by Fed Chairman Jerome Powell at the conclusion of the Federal Open Market Committee's two-day policy meeting. 

The increase will raise lending rates to 3.75%-4%, up from 3%-3.25% and result in the highest rate since January 2008. It was also the increase forecasters predicted.