WASHINGTON, D.C. - The Federal Reserve increased its benchmark interest rate .75% Wednesday as it attempts to control inflation.

The Fed is trying to navigate skyrocketing inflation but avoid a recession.  The .75% increase in July mimics one instituted in June, ABC News reported.

The back-to-back hikes are the highest in nearly three decades.  More rate increases could follow.

An increase in the benchmark interest rates will make it more expensive to borrow money - impacting both consumer and business loans.

Inflation has shot to the top of voter concerns in the months before Congress’ midterm elections, souring the public’s view of the economy, weakening President Joe Biden’s approval ratings and raising the likelihood of Democratic losses in November.