Fed Raises Rates by Half a Percentage Point in Last 2022 Hike

The Federal Reserve raised interest rates by half a percentage point Wednesday and signaled plans to keep raising them more in 2023, capping off one of the most aggressive years in the central bank’s history and marking a new phase in its fight against inflation.

But even though the economy is much different now from what it was a year ago, the Fed enters 2023 with as much uncertainty as it had last December. How much pain is ahead for families and businesses remains to be seen.

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