On Wednesday, the Fed announced that interest rates will be hiked by a quarter point, the tenth rate-hike since March of 2022, bringing interest rates to a 16-year high.
Chairman of the Federal Reserve Jerome Powell said that the job market remains "robust" in recent months as unemployment remained low.
In relation to the downfall of First Republic Bank, Powell said that JPMorgan acquiring the fallen bank was a "good outcome for the banking system". He added that the banking system's condition has "broadly improved" despite the bank failure.
by Julia Whiteford