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The Fed delivers biggest interest rate hike in decades to combat surging inflation

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Federal Reserve Chair Jerome Powell looks on after taking the oath of office for his second term at the helm of the central bank at the Fed's headquarters in Washington, D.C., on May 23. The Fed raised interest rates by three-quarters of a percentage point on Wednesday. (Olivier Douliery/AFP via Getty Images)
Federal Reserve Chair Jerome Powell looks on after taking the oath of office for his second term at the helm of the central bank at the Fed's headquarters in Washington, D.C., on May 23. The Fed raised interest rates by three-quarters of a percentage point on Wednesday. (Olivier Douliery/AFP via Getty Images)

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