Fed attacks inflation with another big hike and expects more

Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board building in Washington, July 27. (AP Photo/Manuel Balce Ceneta, File)

WASHINGTON — Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come — an aggressive pace that will heighten the risk of an eventual recession.