BREAKING: Fed raises interest rates a quarter point despite recent banking turmoil
Ben Levisohn, Carleton English and Kristen Bellstrom discuss the impact on investments and savings from the bank crisis, how a TikTok ban would affect the tech industry as well as high vacation prices.on Wednesday raised its benchmark interest rate by a quarter of a point, forging ahead with its fight against stubborn inflation despite a spate of bank failures and a growing crisis within the financial sector.
Fed officials are in the midst of the most aggressive tightening campaign since the 1980s as they try to crush inflation that is still running about three times higher than the pre-pandemic average. Policymakers said the banking system remains sound, but indicated that the rate increases are nearing an end and that future hikes will ultimately hinge on forthcoming data reports.
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