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US Fed announces latest interest hike in wake of banking turmoil

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The United States Federal Reserve has announced its latest interest rate hike, a move aimed at lowering inflation by making borrowing more expensive for consumers.
The increase of a quarter of a percentage point on Wednesday sets the US central bank’s benchmark overnight interest rate in the 4.75 to 5 percent range, its highest level in 15 years.

Al Jazeera’s Heidi Zhou-Castro reports from Washington, DC.

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Category
World
Tags
2023 financial crisis, Al Jazeera, Al Jazeera English
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