Another rate hike is here; Fed hikes interest rates 75 basis points

In yet another decision, the US Federal Reserve delivered their fourth straight 75 basis-point interest rate with its move to cool red-hot inflation.

The unanimous decision lifts the target for the benchmark federal funds rate to a range of 3.75% to 4%, its highest level since 2008.

The policy-setting Federal Open Market Committee (FOMC) said more increases will be needed to tamp down rising prices but it will consider the impact on the economy when deciding on the pace of future moves -- opening the door to the possibility it will implement smaller steps in coming months.

Powell further said that the committee could begin discussing the possibility of slowing the aggressive pace of rate increases at the December meeting.