Fed raises interest rates by a half point for first time in 20 years as it ratchets up inflation fight

, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.

Collectively, the steps mark the most aggressive tightening of monetary policy in decades as the Fed races to catch up with inflation, which hit a fresh 40-year high in March. Federal Reserve Chair Jerome Powell arrives to speak at a news conference after the Federal Open Market Committee meeting Dec. 11, 2019, in Washington.

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