Fed raises interest rates a quarter point despite recent banking turmoil
Banking And Finance,Federal Reserve,Interest Rates,Economy And Jobs,Inflation,Recession,Silicon Valley Bank,Credit Suisse,Signature Bank,Jerome Powell,Unemployment,GDP,Business
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The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of a point, forging ahead with its fight against stubborn inflation despite a spate of bank failures and a growing crisis within the financial sector.
The unanimous decision puts the key benchmark federal funds rate at a range of 4.75% to 5%, the highest since 2007, from near zero just one year ago. It marks the ninth consecutive rate increase, following a half-point hike in December and four jumbo-sized 75-basis-point hikes before that.
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