Paige Fusco
In a bid to curb inflation, the Federal Reserve is likely to raise US interest rates by 0.5% at its May meeting. Chairman Jerome Powell also hinted that further rate hikes would follow. The May rise coupled with the quarter percentage point increase last month would be the first time since 2006 that the Fed has hiked the interest rate in consecutive meetings. Criticized by analysts for being slow to tackle inflation, the Fed has said it will begin reducing its $9 trillion asset portfolio by summer — a further effort to reduce stimulus and prices that have hit a four-decade high. We look back at those 40 years of the Fed’s efforts to battle inflation through rate hikes.
