STORY: The Federal Reserve raised its benchmark overnight interest rate by 75 basis points on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, with "ongoing increases" in borrowing costs still ahead despite evidence of a slowing economy.

The rate-setting Federal Open Market Committee lifted the policy rate to a range of between 2.25% and 2.50% in a unanimous vote. Coming on top of a 75-basis-point hike last month, and smaller moves in May and March, the Fed has raised its policy rate by a total of 225 basis points this year to a level now that most Fed officials feel has a neutral economic impact, effectively marking the end of pandemic-era monetary stimulus.