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The Fed makes history with a fourth straight three-quarter-point rate hike

WASHINGTON, DC - SEPTEMBER 21: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on September 21, 2022 in Washington, DC. Powell announced that the Federal Reserve is raising interest rates by three-quarters of a percentage point. (Photo by Drew Angerer/Getty Images)
Drew Angerer/Getty Images 02 Nov 22
WASHINGTON, DC - SEPTEMBER 21: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on September 21, 2022 in Washington, DC. Powell announced that the Federal Reserve is raising interest rates by three-quarters of a percentage point. (Photo by Drew Angerer/Getty Images)
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Published 11:10 am

Originally Published: 02 NOV 22 06:08 ET

Updated: 02 NOV 22 14:00 ET

By Nicole Goodkind, CNN Business

    (CNN) -- The Federal Reserve approved a fourth-straight rate hike of three-quarters of a percentage point on Wednesday as part of its aggressive battle to bring down the white-hot inflation that is plaguing the US economy.

The decision marks the Fed's toughest policy move since the 1980s and will likely deepen the economic pain for millions of American businesses and households by pushing up the cost of borrowing even further.

This story is developing and will be updated.

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