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The Federal Reserve raised a key interest rate Wednesday by a quarter percentage point, the 10th increase in just over a year that is hitting consumers with higher costs for home mortgages, auto loans and credit card balances.

The central bank said the action was needed to curb inflation that was at 5% in March. Inflation has come down from 8.5% a year ago, but is still more than twice

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

The U.S. Federal Reserve Board entered its meeting this week to consider further adjustments to its benchmark lending rate facing a harsh fiscal double bind. Continue its streak of interest rate hikes to battle ongoing U.S. inflation or ease up on the gas in an attempt to calm banking sector volatility that has been driven, at least in part, by escalating interest rates? As was widely expected

Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected.

Citing data earlier this year showing that inflation has reversed the deceleration it showed in late 2022, the central bank leader warned of tighter monetary policy ahead to slow a growing economy.

“The latest economic data have