The Federal Reserve raises rates another 0.75% to their highest level since 2008

The U.S. Federal Reserve today announced an interest rate hike of 0.75%, bringing it to between 3% and 3.25%, its highest level since 2008, a few months before the crisis of that year was triggered by the bankruptcies of Bear Sterns and Lehman Brothers. It is an aggressive move with which Jerome Powell, chairman of the agency, is trying to curb the runaway inflation…