• KYODO, REUTERS

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The Federal Reserve on Wednesday decided on its largest interest-rate hike since November 1994, moving ahead with a 0.75 percentage point increase while signaling further aggressive tightening as the United States grapples with its highest inflation in decades.

Upon concluding a two-day meeting of the policy-setting Federal Open Market Committee, the central bank said it will lift its target range for the federal funds rate to 1.50 to 1.75%, following a 0.5-point increase in May and a 0.25-point rise in March.

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