Fed unleashes another big rate hike but hints at a pullback

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting, Wednesday, in Washington. (AP Photo/Patrick Semansky)

A help wanted sign in a storefront Tuesday in Bedford, N.Y. The Federal Reserve may reach a turning point this week as it announces what’s expected to be another substantial three-quarter-point hike in its key interest rate. The Fed’s hikes have already led to much costlier borrowing rates, ranging from mortgages to auto and business loans. (AP Photo/Julia Nikhinson)

WASHINGTON — The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time to fight high inflation but also hinted that it could soon reduce the size of its rate hikes.