The Federal Reserve said on Wednesday that it would raise interest rates by a half point for the first time in two decades as policymakers ramp up their fight to cool red-hot inflation, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.

The widely anticipated decision – that the Fed would raise rates by 50 basis points – comes as officials face mounting pressure to move more aggressively to cool demand and slow rising consumer prices, which hit a 40-year high in March.

The rate liftoff, which puts the benchmark federal funds rate at a range between 0.75% and 1.00%, is likely just the second in a series of increases intended to curb runaway inflation.

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