Fed raises interest rates by a quarter point but signals inflation fight's not over

The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of a point, further slowing its aggressive campaign to cool the economy amid growing evidence that stubbornly high inflation is finally starting to ease. 

The widely expected move puts the key benchmark federal funds rate at a range of 4.5% to 4.75%, the highest since 2007, from near zero in March 2022. It marks the eighth consecutive rate increase, following a half-point hike in December and four jumbo-sized 75-basis-point hikes before that.

Fed officials are in the...