Federal Reserve raises key interest rate again

Making to the third consecutive increase, the Federal Reserve raised the key US interest rate again Wednesday and said more hikes are coming as it battles soaring prices .

By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.

The officials also forecast that they will further raise their benchmark rate to roughly 4.4% by year's end, a full percentage point higher than they had forecast as recently as June.

The central bank's action Wednesday followed a government report last week that showed high costs spreading more broadly through the economy.