BREAKING: Fed hikes benchmark rate 0.75% in significant escalation of inflation fight.
MORE: Fed rate hikes haven't curbed inflation much. These policies would work instead, economists say
"Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low," the statement added.that the central bank must act "forthrightly, strongly" to dial back inflation.Saul Loeb/AFP via Getty Images, FILE The consumer price index rose 8.3% over the past year as of August, a slight slowdown from 8.5% in July, according to the Bureau of Labor Statistics.
Meanwhile, rate increases appear to have slowed key sectors of the economy, sending mortgage rates higher and slowing the construction of new homes, for instance.U.S. hiring fell from its breakneck pace but
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