WASHINGTON -- (Xinhua) -- The US Federal Reserve on Wednesday raised interest rates for the fourth time in a row by 3 quarters amid the worst inflation in 4 decades.

The Fed raised its short-term borrowing rate by 0.75 percentage points, to its highest level since January 2008.

A statement said that the Fed "will take into account the cumulative tightening of monetary policy, and the delays with which monetary policy affects economic activity, inflation, and economic and financial development."

The higher rate is expected to hit consumers' wallets, making it more expensive for Americans to pay off debt or obtain mortgages.

Meanwhile, the widely watched consumer price index showed that in September, inflation eased slightly to 8.2 percent year on year, while it rose 0.4 percent month on month.

On the other hand, lawmakers are increasingly calling for the central bank to stop increasing its rate, as critics worry that this will spark a recession.

However, the Fed did not provide any indication that this would change direction. The central bank's goal is to bring inflation down to a set rate of 2 percent, even if these efforts trigger a recession.

At the same time, the labor market remains strong, with plenty of job opportunities and low unemployment.

However , economists expect the possibility of a recession next year, especially if the central bank continues to raise interest rates at such a strong pace.