Production will be cut by 2 million barrels per day, starting in November.
The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%.
President Joe Biden on Wednesday announced his long-awaited plan to provide $10,000 in debt cancellation for borrowers earning $125,000 per year.
The report raises hopes that the Federal Reserve to raise short-term interest rates by less than had been anticipated when it meets in late September.
With the jobs gains, the U.S. economy has restored all the jobs lost since the beginning of the COVID pandemic.
Attempting to curb the highest inflation in more than four decades, the Federal Reserve moved to raise its key rate to a range of 2.25% to 2.5%.
The decision will curtail access to abortion for millions and is at odds with popular opinion, as opinion polls find a majority of Americans favored Roe.
The central bank is raising its key interest rate by three-quarters of a percentage point.
Supplies of baby formula across the country have been severely curtailed after a February recall exacerbated ongoing supply chain disruptions.
The Fed intensified its fight against the worst inflation in 40 years on Wednesday and signaled further large rate hikes to come.
