For the fourth time in a row, the Federal Reserve hiked its baseline interest rate by another 75 basis points. Given ongoing conditions and its determination to drive inflation down to the 2% figure it considers desirable, there was little doubt what yesterday's announcement would be.

"Recent indicators point to modest growth in spending and production," read the Fed's press release after the conclusion of its November meeting of the Federal Open Market Committee, or FOMC. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures."

In addition, Russia's war against Ukraine and related events, like pressures on energy prices and disruptions of important foodstuffs that have affected supply chains, "are creating additional upward pressure on inflation and are weighing on global economic activity."