For the Federal Reserve, 0.75 percentage points is the new 0.25.

The Federal Open Market Committee raised interest rates by three-quarters of a percentage point on Wednesday, marking the third consecutive hike of that size. The increase is three times larger than the Fed's typical uptick and extends a streak of aggressive hiking that aims to cool demand throughout the economy and pull inflation lower.

"The Committee decided to raise the target range for the federal funds rate to 3 to 3.25 percent and anticipates that ongoing increases in the target range will be appropriate," the committee said in a statement. All 12 voting members of the committee voted unanimously for the hike.

The benchmark rate's range is now the highest since 2008. The Wednesday hike lifts the rate well above 2.5%, a threshold most officials regard as the "neutral rate" because it's expected to neither stimulate nor restrain the economy. In lifting rates above that level, the FOMC is betting the economy is strong enough to endure some restriction without sliding into a recession.