Fed hikes rates despite recession fears

The Federal Reserve voted to raise interest rates Wednesday by another 0.25 percentage points, brushing aside concerns about the financial sector and an expected recession later this year. The Fed’s rate-setting committee voted Wednesday to boost its baseline interest rate to a range of 5 to 5.25 percent, the point where Fed officials expected in March to stop hiking rates, according projections from the Fed’s last meeting. The latest rate hike is the tenth in a row since the Fed began its program of quantitative tightening in March of last...