Attacking Inflation: Federal Reserve raises interest rate ... again

The Federal Reserve has raised its interest rate by three-quarters of a percent.

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The Federal Reserve is tackling inflation by raising interest rates by three-quarters of a point for the third straight time.

This move boosted its benchmark short-term rate to a range of 3 percent to 3.25 percent, which has not been seen since early 2008, according to AP News.

Officials are forecasting we could see the benchmark rate increase to about 4.4 percent by the end of the year, which is a full percentage point higher than what was forecasted in June.

This action follows a report last week that showed high costs are spreading through the economy, while gas prices have eased.

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