U.S. Federal Reserve raises interest rates for third time

Federal Reserve Chair Jerome Powell vowed on Wednesday that he and his fellow policymakers would "keep at" their battle to beat down inflation, as the U.S. central bank hiked interest rates by three-quarters of a percentage point for a third straight time and signaled that borrowing costs would keep rising this year.

The U.S. central bank raised its benchmark interest rate to the highest level for 14 years.

A third consecutive three-quarter point hike means another jump in the cost of most types of credit.

And there's mounting concern that the highest U.S. inflation in four decades can only be reduced by inflicting even more economic pain.