(CNBC) The Federal Reserve remains set on beating inflation and could raise rates to an even higher-than-expected level, though it may reduce the size of its future rate hikes. The Fed raised its target fed funds rate Wednesday by 75 basis points, or three-quarters of a point, and said it would take into account the lagging impact of higher rates on the economy. That initial statement, released at 2 p.m. ET, was viewed as dovish, since it indicated rate hikes could be smaller.
Fed rate hikes could go even further than expected as Powell commits to stomp out inflation
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