The Fed raised interest rates again in an attempt to curb inflation

The Federal Reserve continued its fight against inflation by raising its benchmark interest rate at the highest level in 15 yearsreported CBS.

The Federal Open Market Operations Committee voted to raise the overnight rate by half a percentage point to a target range of 4.25% to 4.5%.

Along with the hike, he said interest rates should stay higher next year, without decreasing until at least 2024.

The new level is the highest since December 2007, just before the global financial crisis, when the Fed aggressively eased policy to combat the worst economic crises decline since the Great Depression.

This time, the Fed is raising interest rates in an economy expected to enter a recession in 2023.