US Fed hikes rates 25 bp

WASHINGTON, 22nd March, 2023 (WAM) — The US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point.

In a statement on Wednesday, the FOMC said the US banking system is “sound and resilient” but that there was uncertainty about the extent to which the fallout from the banking turmoil would hit the economy.

The move sets the U.S. central bank’s benchmark overnight interest rate in the 4.75%-5.00% range.