Federal Reserve hikes key interest rate to 5% despite US bank chaos

The Federal Reserve hiked interest rates on Wednesday — a pivotal move that showed the central bank’s resolve to tackle inflation despite recent chaos in the US banking sector.

In a hotly anticipated decision, the rate-making Federal Open Market Committee hiked its benchmark rate by 0.25% — to a range of 4.75% to 5% — at the conclusion of the Fed’s closely watched policy meeting. ---More...