Key interest rate reaches 22-year high

The Federal Reserve has raised the key interest rate again, resulting in the highest level in 22 years, as it continues to fight inflation.

“My colleagues and I remain squarely focused on our dual mandate to promote maximum employment and stable prices for the American people,” Fed Chairman Jerome Powell said during a press conference. “We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to a 2 percent goal.”

Read on for more details about the hike.