The Federal Reserve is stepping up its fight against inflation as prices rise at the fastest pace in decades. 

In a move that increased interest rates by three-quarters of a point, the Federal Reserve increased its benchmark rate on Wednesday 

.Historically, these rates have not been raised at this pace and magnitude since the late 1980s 

The central bank still has a lot of work to do in spite of these fast-paced moves. 

"The labor market is extremely tight, and inflation is much too high 

" Fed Chair Jerome Powell said at a news conference,  

where he explained the "unusually large" move up in rates.