U.S. central bank hikes interest rate again, up to 3.25%

The Federal Reserve raised its benchmark interest rate by three quarters of a percentage point in its latest move to get ahead of runaway inflation.

The decision by the U.S. central bank was in line with what economists were expecting, although there was some thought that the Fed might hike by even more — a full percentage point.

Instead the Fed raised its trend-setting rate by 75 basis points for the third time in a row.

More to come