Fed approves rate hike, expects six more this year

Photo by: Federal Reserve Board
Photo by: Federal Reserve Board

(Washington, DC) -- Prepare for more rate hikes this year.

The Federal Reserve approved a quarter percentage point increase Wednesday, the first in more than three years. This is to fight the highest inflation rate in 40 years, and it doesn't stop there.

Fed officials say they will likely continue raising rates at each of the six meetings to come, with three more hikes next year.