WATCH: Fed raises interest rates by half a percentage point

 (CNN) -- The Federal Reserve said Wednesday it is raising interest rates by a half-percentage point to get a handle on the worst inflation America has seen in 40 years.

It's the first time in 22 years that the central bank has hiked rates this much.

In March, it ramped up its benchmark borrowing rate for the first time since late 2018, increasing it by a quarter-percentage point.

Americans are struggling with rising costs everywhere from the grocery store to the gas pump. And with the Russia-Ukraine conflict still raging, price pressures on food and energy are unlikely to abate any time soon.

Fed Chairman Jerome Powell will address reporters at the first in-person press conference since before the pandemic at 2:30 p.m. ET.

This is a developing story. It will be updated.

The-CNN-Wire
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