Fed raises interest rates to combat rising prices

Clip: 7/27/2022 | 6m 48sVideo has Closed Captions | CC

Federal Reserve raises interest rates amid stubbornly high prices and recession concerns

The Federal Reserve raised interest rates significantly again Wednesday in a bid to put the brakes on inflation. The economy is no longer running nearly as hot as it did last year, but Fed Chair Jerome Powell said it was crucial to tame high prices by raising rates later this year, and said he hopes a recession can be avoided. Economics correspondent Paul Solman reports.

Aired 07/27/2022