U.S. Fed implements fourth consecutive 0.75-point hike

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U.S. Fed implements fourth consecutive 0.75-point hike

STORY: U.S. Fed implements fourth consecutive 0.75-point hike DATELINE: Nov. 3, 2022 LENGTH: 00:01:58 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference 2. various of exterior of the U.S. Federal Reserve in Washington D.C. STORYLINE: The U.S. Federal Reserve on Wednesday implemented the fourth consecutive three-quarter point interest rate hike, amid the worst inflation in four decades. The Fed raised its short-term borrowing rate by 0.75 percentage point to the highest level since January 2008. The Fed will "take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," according to a statement. The rate raise is expected to put a dent in consumers' wallets, making it more costly for Americans to pay off debt or obtain a mortgage. The widely-watched consumer price index showed in September that inflation dropped slightly to 8.2 percent on an annua

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