The Fed makes history with a fourth straight three-quarter-point rate hike

  (CNN) -- The Federal Reserve approved a fourth-straight rate hike of three-quarters of a percentage point on Wednesday as part of its aggressive battle to bring down the white-hot inflation that is plaguing the US economy.

The decision marks the Fed's toughest policy move since the 1980s and will likely deepen the economic pain for millions of American businesses and households by pushing up the cost of borrowing even further.

This story is developing and will be updated.

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