Fed announces another three-quarter-point increase in interest rates

The move is intended to curb inflation though previous increases this year have had little effect so far

With the US economy teetering on the edge of a recession and inflation running at a four-decade high, the Federal Reserve announced another three-quarter of a percentage point increase in its benchmark interest rates on Wednesday, the second such increase in just over a month.

In a statement, the Fed said it was highly attentive to inflation risks".