|Day's range||88.70 - 88.70|
By Yasin Ebrahim
The Federal Reserve raised interest rates by three-quarters of a percentage point Wednesday for the fourth time in a row, and the central bank hinted at a higher bar for future monetary policy tightening, though pushed back against the idea of a pause. The Federal Open Market Committee raised its benchmark rate to a range of 3.75% to 4% from 3% to 3.25% previously. In a sign that the Fed is growing wary of the impact that tighter financial conditions are having on the economy, the central bank said that the "committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," in determining the future pace of rate hikes.