Federal Reserve raises benchmark interest rate 0.75% as it tries to calm inflation
The Federal Reserve announced it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the biggest surge in U.S. inflation in four decades. CBS News senior White House and political correspondent Ed O'Keefe and Stephen Gandel, news editor for The New York Times' DealBook, join CBS News to discuss the implications of the decision.