After a two-day meeting on the well-being of the U.S. economy, the Fed raised interest rates by a quarter point, hoping to combat inflation. The rate hike on Wednesday marks the ninth rate hike in a row.
Chairman of the Federal Reserve, Jerome Powell, noted that there are "serious problems" being faced by a small number of banks, not specifying exactly what those problems are.
The Fed mentioned in a statement that "additional policy firming may be appropriate", sending mixed signals to investors.
Jerome Powell added that "our banking system is sounds and resilient", in a positive message to the public.
[ongoing report]
by Julia Whiteford