Fed raises rates in attempt to ease inflation

People are seen buying fruits outside of a grocery store along a busy shopping street in the Flushing neighborhood of Queens on June 18, 2022 in New York City. As the American economy continues to see a rise in inflation, the Federal Reserve announced on Wednesday that it is raising interest rates by 0.75%, the largest such move since 1994. The Fed is attempting to cool the economy and keep prices on everyday items such as food, gas, and rent under control.