U.S. Fed slows pace of rate hikes with 0.25 point increase

The U.S. Federal Reserve on Wednesday approved another hike in its benchmark interest rate, but at a slower pace of 0.25 percentage point, with the suggestion that "ongoing increases" will be needed to battle persistent inflation.The decision lifts the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of 4.50 to 4.75 percent.While the short-term rate is the highest since September 2007, the latest increase, announced after a two-day meeting of the policy-setting Federal Open Market Committee, represents the smallest incremental move since March…READ FULL ARTICLE