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Federal Reserve raises interest rate 0.75% to help with rising inflation | USA TODAY

In an attempt to slow inflation, the Federal Reserve raised interest rates by 0.75%, the largest rate increase since 1994.
RELATED: Biden reassures as soaring inflation causes concern

The Federal Reserve is rolling out the heavy artillery in its bid to fight a historic inflation spike that has shown little let-up.

But the aggressive strategy is expected to further slow the economy and increases the risk of recession. It already has triggered a brutal market sell-off.

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