URGENT: Fed continues aggressive interest rate hikes to fight inflation

The U.S. Federal Reserve decided on Wednesday to continue its aggressive interest rate hikes amid stubbornly high inflation, a move that could further weaken the yen against the U.S. dollar. Following a two-day meeting of the Federal Open Market Committee, the central bank said it would raise its target range for the federal funds rate by 0.75 percentage points, the same as the increases decided at its two previous meetings, to reach a level of 3.00 to 3.25 percent.