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The Guardian - US
The Guardian - US
Business
Lauren Aratani in New York

US Federal Reserve votes to increase interest rates to 16-year high

US Federal Reserve Interest Rates United States Inflation Economy
Traders work on the floor of the New York Stock Exchange on 3 May 2023 in New York City.
Traders work on the floor of the New York Stock Exchange on Wednesday in New York City. Photograph: Spencer Platt/Getty Images

The US Federal Reserve voted to increase interest rates to a 16-year high on Wednesday, even as a banking crisis has left the economy wobbling.

The quarter-point rise in the Fed’s benchmark interest rate was the 10th hike since March 2022, when interest rates were zero and the Fed started its rapid inflation-fighting campaign. The interest rate now stands at 5% to 5.25%.

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