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historic inflation. the decision will likely produce ripple effects on your personal finances and the economy in the months to come. cnn s matthew gin et joins us. we ve been awaiting this decision, what has the fed said? 75 basis points, the fed just delivered another massive interest rate hike, designed to put this inflation fire out. that means higher borrowing costs. this is the fourth straight interest rate hikes. this is historic. we ve never seen drastic actions like this under janet yellen. we never saw this from ben bernanke, or even alan greenspan. you have to go back to the early 80s under paul volcker. i think this says how stubborn the inflation has been. the fed s statement, which is watched very closely, is basically identical to last month, except for one key part. the fed reiterated that ongoing interest rate hikes are likely to be appropriate, but they added that this is going to be the case in order to get policy restrictive enough to get inflation down

Bianna gRate hikesU sRipple effectsMatthew gin etInterest rate hikeBasis pointsInflation fireInterest rate hikesBorrowing costsJanet yellenBen bernankeAlan greenspanPaul volckerKey factorsMonetary policy