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The Guardian - US
The Guardian - US
Business
Dominic Rushe in New York

US Federal Reserve raises interest rates a quarter-point amid banking turmoil

US Federal Reserve United States Inflation Jerome Powell SVB Bank of England Credit Suisse European Central Bank
US Federal reserve symbol
The latest increase was smaller than the half-point increase that some had expected before a series of bank collapses shook global markets. Photograph: AFP/Getty Images

Facing the worst banking crisis since 2008 and the highest inflation rate in a generation, the Federal Reserve chose to keep fighting price rises and announced another hike in interest rates.

The US central bank announced on Wednesday that its benchmark interest rate would rise another quarter of a percentage point to a range of 4.75% to 5% – its ninth consecutive rate rise and the highest rate since 2007. A year ago interest rates were close to zero.

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