The Federal Reserve has raised interest rates by half a percentage point and said it will shrink its $9 trillion balance sheet from next month in a move to fight off inflation. The U.S. central bank set its target federal funds rate to a range between 0.75 percent and 1 percent in an unanimous decision. It’s the first time in 22 years that the Fed has hiked rates this much. The move is an attempt to curb prices which have been climbing to their fastest pace in 40 years. It follows the Fed’s actions in March to increase its benchmark borrowing rate by a quarter-percentage point for the first time since late 2018. Production supply issues in China and the Russia-Ukraine war have put additional pressure on food and energy prices.