Inflation pushes Fed to consider biggest rate hike in 28 years

The Federal Reserve could respond to the surge in inflation with its steepest interest rate increase since 1994. At its policy meeting on Wednesday, the central bank may opt to raise rates by 0.75 percentage points, rather than the half-point that has been signaled for weeks. Why it matters: If the Fed opts for the more aggressive move Wednesday, it would amount to stepping away…