Fed unveils biggest rate hike since 1994, flags slowing economy

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By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The Federal Reserve raised its target interest rate by three-quarters of a percentage point on Wednesday to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come. The rate hike was the biggest announced by the U.S. central bank since 1994, and was delivered after recent data showed little progress in its battle to control a sharp spike in prices. U.S. central bank officials flagged a faster path of rate hikes to come as well, more closely aligning monetary policy with a rapid…

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