The Week in Business: The Fed Goes Big

What’s Up? (June 12-18)

Largest Rate Increase Since 1994

In its most striking move yet to rein in inflation, the Federal Reserve raised its benchmark rate three-quarters of a percentage point Wednesday, the central bank’s biggest increase since 1994. While taking questions from reporters after the announcement, Jerome H. Powell, the Fed chair, said officials were “not trying to induce a recession right now.” Nonetheless, that’s what…