What is the fed's overnight interest rate range?

The hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, a level last seen just prior to the 2007 housing market crash and which has not been consistently exceeded for about 22 years.

Will interest rate hikes curb inflation?

The rate, which was near zero in March, has jumped 3.75 percentage points in the last eight months. That's the most aggressive string of rate hikes in decades, but so far it's done little to curb inflation. "Interest rates have risen at a whiplash-inducing speed, and we're not done yet," said Greg McBride, chief financial analyst at Bankrate.

How much has the central bank hiked its interest rate?

The central bank raised its benchmark interest rate by 3/4 of a percentage point. The rate, which was near zero in March, has jumped 3.75 percentage points in the last eight months. That's the most aggressive string of rate hikes in decades, but so far it's done little to curb inflation.

Is a rate hike still an option?

In a news conference following the decision, Fed Chair Jerome Powell underscored that another rate hike remains an option — if the economy were to pick up strength and keep upward pressure on prices.