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By Paul Solman
The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3 percent to 3.25 percent, the highest level since early 2008.
By Christopher Rugaber, Associated Press
Economists foresee the fastest pace of rate increases since 1989. The result could be much higher borrowing costs for households well into the future as the Fed fights the most painfully high inflation in four decades.
Americans who have long enjoyed the benefits of historically low interest rates will have to adapt to a very different environment as the Federal Reserve embarks on a period of rate hikes to fight inflation.
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