The Fed raises interest rates by half a percent, most in over 20 years

WASHINGTON D.C. (KION-TV)-- The Federal Reserve has raised interest rates by half a percent on Wednesday, marking the highest rise since 2000.
This increase takes effect on May 5, 2022, and the Federal Reserve said it's to combat high inflation.
They also stated that the invasion of Ukraine by Russia is causing economic hardships for all and that COVID-related lockdowns in China are, "likely to exacerbate supply chain disruptions."
Additional rate hikes are expected to come in the next several months.
"The committee is highly attentive to inflation risks," the Fed's rate-setting committee said "Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures."
Wednesday's increase follows a quarter-point increase in March.