Federal Reserve pushes interest rates up .75 of a point….

The Federal Reserve is expected to hike interest rates by three-quarters of a percentage point on Wednesday, in the latest push to rein ininflation that remains at 40-year highs, is threatening the overall economy, and is weighing on families and businesses nationwide.

The rate increase, to be announced at the end of the Fed’s two-day policy meeting, is the fourth hike this year, and is likely to match a similarly aggressive move last month. So far, the Fed has seen few reassurances that its souped-up rate hikes are working, with households feeling the strain of costlier rent, groceries and gas. Inflation in Juneeven notched a new peak — climbing 9.1 percent compared with the year before — heightening the risk of a recession as the Fed moves moreforcefully to slow the economy.