Business

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point, lifting it to a target range of 0.25-0.50%, the first increase since 2018. America’s central bank also said that it expects to lift the rate at its six remaining meetings in 2022 with more to come next year, eventually bringing it to 2.8%. Despite the financial volatility caused by the war in Ukraine, the Fed felt it had to act to tame surging inflation; the conflict will only add to price pressures.