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The Federal Reserve raised its key interest rates by a substantial three-quarters of a point for a third straight time to tame inflation. It also signaled larger rate hikes to come. The Fed's move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since the 2008 Financial Crisis. Since March this year, in response to the general spike in oil prices, food prices and other living costs, the Federal Reserve has raised interest rates four times, with a cumulative increase of 225 points, but this hasn't arrested inflation in the U.S. What will be the impacts of the Fed's latest move on the U.S. economy and others around the world where the U.S. dollar is still the dominant reserve currency?

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