Quotation of the Day: With Biggest Rate Increase Since ’94, Fed Gets Tough on Soaring Inflation - The New York Times

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Thursday, June 16, 2022

“We’re not trying to induce a recession right now, let’s be clear about that.”

JEROME H. POWELL, chair of the Federal Reserve. The agency raised interest rates by three-quarters of a percentage point, the biggest increase since 1994, in an effort to tame inflation by slowing the economy.

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