Jerome Powell, chairman of the U.S. Federal Reserve.

Federal Reserve officials raised interest rates by 75 basis points (bps) for the second straight month, and Chair Jerome Powell said another similar move is possible in the future, while he rejected speculation that the U.S. economy is in recession.

Policymakers, facing the hottest cost pressures in 40 years, lifted the target for the federal funds rate on Wednesday to a range of 2.25 percent to 2.5 percent. That takes the cumulative increase in the past two months to 150 bps—the steepest since the price-fighting era of Paul Volcker in the early 1980s.

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