Economy July 27, 2022 4:00 pm Federal Reserve Raises Interest Rate by 0.75% in Bid to Curb Inflation The Federal Reserve announced Wednesday that they have raised the benchmark interest rate by 0.75% to curb high inflation. US & World Videos 0:48 Target to lower prices on about 5,000 basic goods 0:47 WATCH: Comet fragment lights up the sky in Portugal 1:58 ICC seeking arrest warrants for Israeli and Hamas leaders 1:43 World reacts to death of Iran's president 1:07 Cargo ship that crashed into Baltimore bridge moving back to port