U.S. Fed forges ahead with 0.25-point rate hike despite bank turmoil

The U.S. Federal Reserve on Wednesday approved a 0.25 percentage point hike in its benchmark interest rate, continuing with its monetary tightening campaign in an attempt to quash inflation despite recent concern over the stability of the banking system.The decision lifts the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of 4.75 to 5.00 percent, the highest level since 2007. The Fed expects the rate to come to 5.1 percent at the end of 2023, unchanged from its forecast in December, before falling to 4.3 percent next year.The ninth hike in a…READ FULL ARTICLE