Fed raises interest rate to highest level in 16 years, signals it could pause streak of 10 straight hikes

The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause the streak of 10 rate hikes that have made borrowing for consumers and businesses steadily more expensive. In a statement after its latest policy meeting, the Fed removed a previous sentence that had said “some additional” rate hikes might be needed. It replaced it with language that said it will consider a range of...