Federal Reserve Raises Interest Rates 25 Basis Points Amid Banking Crisis

The Federal Reserve on Wednesday raised interest rates another 25 basis points – or 0.25% – amid the banking crisis. “Inflation pressures continue to run high,” Fed Chair Jerome Powell said. “The process of getting inflation back down to 2% has a long way to go.” The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. In its post-meeting statement, the central bank appeared to soften its language on future rate increases, removing a line on “additional policy...