"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

Federal Reserve chairman Jerome Powell said the rate rises were necessary to slow demand, easing the pressures putting up prices and avoiding long-term damage to the economy. On Wednesday, the Federal Reserve announced it was raising its key rate by another 0.75 percentage points, as reported in the BBC.com feature, “Fed Rate Hike: U.S. Interest Rates Hit 14-Year High in Inflation Battle.”