Federal Reserve Raises Benchmark Interest Rate by a Quarter Point

On March 22, Federal Reserve Chairman Jerome Powell and officials at the Central Bank unanimously voted to raise interest rates by a quarter point for the ninth time in a year, effectively bringing the benchmark rate to a range between 4.75% and 5%. Fed officials are striving to balance the fight against inflation and the recent events leading to instability in the banking sector. Powell reaffirmed the Fed’s commitment to restoring price stability in the economy and lowering inflation to their previously stated 2% goal.

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