Fed raises rates again despite pressure on banking system
Fed raises rates again despite pressure on banking system The Federal Reserve raised interest rates for the ninth consecutive time on Wednesday, choosing to continue its campaign to fight high inflation despite pressure on the banking sector following the collapse of two regional lenders. Federal Reserve policymakers voted unanimously to raise the benchmark interest rate by a quarter of a percentage point to just under 5%, which would make it more expensive for people at risk. looking for auto loans or credit card balances. Will the turbulence in the banking sector affect you? 5 Ways Economy Banking Turmoil Affecting You? 5 Ways Members of the Federal Reserve's rate-setting committee believe slightly higher interest rates may be needed to restore price stability. Policymakers expect rates to rise another 25 percentage points by the end of the year, according to new forecasts released on Wednesday. The Fed said in a statement that "the committee anticipates that additio...