Federal Reserve approves 1st interest rate hike in more than three years, sees six more ahead

The Fed approved a 0.25 percentage point rate hike, the first increase since December 2018. Officials indicated an aggressive path ahead, with increases coming at each of the remaining six meetings in 2022. Members also pared expectations for economic growth this year and sharply raised their outlook for inflation. The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic