Fed raises interest rate 0.25 percentage point

The Federal Reserve raised its key interest rate another quarter of a percentage point on Wednesday in its ongoing bid to crush inflation. The Fed's rate-setting body said it would raise its benchmark rate to a range between 5% and 5.25%, the highest level since 2007. The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s. Higher interest rates act on inflation by making it more expensive for businesses and consumers to borrow money, slowing economic activity....