Another month, another outsize interest rate hike. The Federal Reserve raised its key short-term rate by three-quarters of a percentage point for a second straight month Wednesday in a bid to corral soaring inflation, matching the largest increase since 1994 and marking the second straight month the central bank has raised its key rate by that many points. It puts the federal funds rate – which is what banks charge each other for overnight loans – at a range of 2.25% to 2.5%, close to the Fed’s 2.5% long-run, or neutral rate. That’s the rate intended to neither stimulate nor curtail economic growth. Click the link in our bio to learn how this will impact you.