Wednesday’s hike raises the key rate to a range of 5% to 5.25%, the highest in 17 years. And the Fed got there in near-record time, hoisting the rate from near zero in March 2022 as it sought to beat back inflation that also reached a four-decade high last June as the economy continued to emerge from the pandemic. Barclays says the Fed could hike rates again in June if job growth and inflation remain strong enough, but it's unlikely to cut rates this year, even in the event of a mild recession. Visit the link in bio to learn more.