US Fed hikes rates again, says inflation fight can’t be ‘painless’

WASHINGTON, Sept 22 — The Federal Reserve raised the key US interest rate again Wednesday and said more hikes are coming as it battles soaring prices — an aggressive stance that has raised fears of a recession.

Soaring prices are putting the squeeze on American families and businesses, and have become a political liability for President Joe Biden as he faces midterm congressional elections in early November. Powell said the US central bank is committed to raising interest rates and keeping them high until inflation comes down, and he warned against reversing course too soon.

They project further rate hikes this year — totaling 1.25 per centage points — and more in 2023, with no cuts until 2024.

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