Federal Reserve Boosts Rates by Half-Point, the Most Since 2000

Additional 50-basis-point increases are 'on the table' at the Fed's next meetings, Powell says

The Federal Reserve headquarters in Washington on Sept. 16, 2015. Kevin Lamarque/Reuters

The Federal Reserve raised interest rates by the most since 2000 on May 4 as part of efforts to fight 40-year-high inflation.

Officials serving on the Federal Open Market Committee (FOMC) agreed to increase the benchmark fed funds rate by 50 basis points, bringing it to a target range of 0.75 percent to 1 percent. The central bank’s decision was in line with market expectations.