The U.S. Federal Reserve hikes interest rates by 25 bps to curb inflation

The Federal Reserve slowed its inflation-fighting efforts and said more interest-rate hikes are on the way as officials debate when to end their most aggressive credit tightening in four decades. Policymakers raised the Fed’s benchmark rate target by a quarter percentage point to a range of 4.5% to 4.75%. The smaller increase came after a half-point increase in December and four 75-basis-point increases before that.