The Federal Reserve Wednesday approved a 50 basis point increase to its policy interest rate in an effort to reduce inflation, in conjunction with a plan to shrink its $9 trillion asset portfolio beginning next month, according to Chairman Jerome Powell.

During a news conference following the Fed’s committee meeting, Powell announced the increase and outlined the Fed’s plan to begin “the process of significantly reducing the size of our balance sheet,” he said.

“It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all,” Powell said. “The current details ⇒

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