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The Federal Reserve raised interest rates significantly again Wednesday in a bid to put the brakes on inflation. The economy is no longer running nearly as hot as it did last year, but Fed Chair Jerome Powell said it was crucial to tame high prices by raising rates later this year, and said he hopes a recession can be avoided. Economics correspondent Paul Solman reports.

The Federal Reserve increased interest rates by 0.75% to help cool the high inflation, but it will make the costs of taking out a mortgage, car loan, or business loan more expensive.

Borrowing money is getting even more expensive for car buyers, homebuyers, and really anyone who carries a credit card balance. The Federal Reserve has hiked interest rates for fourth time this year and is desperately trying to just cool down the economy, but will this actually trigger a recession?

Reaction after Fed raises interest rates again

The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years.

The Dow closed up 1.5%, the S&P 500 gained 2.6% and the Nasdaq surged 4.1% after the Federal Reserve raised interest rates.

The Federal Reserve hits highest interest rate spike in nine years. Here is how you can save money.

The rate hikes should eventually deliver lower prices, which will improve the financial outlook of Americans.

University of St. Thomas Economics Professor Tyler Schipper breaks down what it means for the fight against inflation.

What seemed unfathomable just six months ago -- a 75-basis-point rate hike by the Federal Reserve -- has now happened twice in a row. The unprecedented action emphasizes how far the Fed is willing to push the economy to temper rising costs.

We hear from local experts, businesses and customers in Palm Beach County. WPBF's Steve King reports.

The Federal Reserve made another move to try and tamp down rising prices by raising interest rates by 3/4 of a percentage point, the fourth hike this year. Kris Van Cleave shares the latest.

The Federal Reserve raised interest rates 0.75% on Wednesday. It's the fourth rate hike this year, aimed at curbing inflation while also preventing a recession. Naomi Ruchim reports on the news. Then, Major Garrett is joined by Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors, to discuss what this could mean for the economy.

The "Mad Money" host broke down his thoughts on the Fed's decision and how it'll impact the market on Wednesday's episode of the show.

The Fed on Wednesday increased interest rates three-quarters of a percentage point in its benchmark interest rate, triple its usual margin. Investors worry such aggressive action by the Fed and other central banks in Europe and Asia to control inflation that is at multi-decade highs might derail global economic growth.

The Fed increased interest rates by three-quarters of a percent Wednesday. The increase is the latest in a series of rate hikes.

The Federal Reserve is raising interest rates again at the fastest rate in decades to try and curb inflation.

For the fourth time this year, the Federal Reserve has raised its benchmark interest rate in a bid to slow record-high inflation. Megan Cassella, a reporter for Barron's, joined CBS News' Lana Zak to discuss.

The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.

The in-flight jacket worn by Buzz Aldrin is going up for auction.

The jacket worn by Buzz Aldrin during the Apollo 11 mission is going up for auction at Sotheby's.

If you're in the market for an out-of-this world fashion statement, Sotheby's auction house in New York might have the item for you. It's auctioning off Buzz Aldrin's jacket worn during the Apollo 11 mission to the moon. (July 21) (AP Video/David R. Martin)

Yahoo Finance anchors Julie Hyman, Brad Smith and Brian Sozzi discuss three other business stories, including Buzz Aldrin auctioning off his moon landing jacket, Tesla getting its own lane at the Mexican border, and Disney adding R-rated movies to its streaming service.

These are the artifacts that made the Apollo 11 mission possible’ — Astronaut Buzz Aldrin’s personal collection is going up for auction and is considered to be the ‘best space exploration sale to have ever happened’

The In-flight Jacket worn by Buzz Aldrin on his journey to the moon and back is featured as part of Sotheby's Geek Week in New York.