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US Federal Reserve increases key interest rate by 0.25 percentage points | FULL

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U.S. Federal Reserve Chairman Jerome Powell spoke to reporters on Wednesday afternoon following the central bank's rate-setting meeting in which it raised its key interest rate by 0.25 percentage points — its ninth increase since March of last year.

Powell also said that the reserve "no longer states that we anticipate ongoing rate increases will be appropriate to quell inflation. Instead, we now anticipate that some additional policy firming will be appropriate."

Upheaval in the U.S. banking industry has made any projections about possible future rate hikes more difficult, as the Federal Reserve meets less than two weeks after Silicon Valley Bank failed in what is the second-largest banking collapse in U.S. history.

It was followed by the collapse of another major bank, Signature Bank, while a third bank, First Republic Bank, was saved from collapse by a US$30 billion cash infusion.

For more info, please go to https://globalnews.ca/news/9569680/us-fed-rate-decision-bank-turmoil/
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Category
U.S. & Canada
Tags
global news, Jerome Powell, U.S. Federal Reserve
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