Fed approves 0.25% hike, softening rate increases again

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The Federal Reserve said Wednesday it was raising its short-term borrowing rate another 0.25%, the central bank's second consecutive decision to slow rate increases while extending an effort to cool the economy and dial back inflation.

The Fed has put forward a string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach, however, risks tipping the U.S. economy into a recession and putting millions out of work.