As it confronts rising inflation, the US Federal Reserve unveiled the most aggressive interest rate hike in nearly 30 years on Wednesday, lifting the benchmark borrowing rate by 0.75 percentage points.

The Federal Open Market Committee, which sets the Fed’s policy, underlined that it is “firmly committed to returning inflation to its 2 percent objective” and that it expects to keep raising the key rate.

According to the median quarterly forecast, committee members now expect the rate to end the year at 3.4 percent, up from 1.9 percent in March.

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