Business

The Federal Reserve raised its benchmark interest rate by another quarter of a percentage point and signalled that more rate increases could come in its fight against inflation, despite higher rates triggering a series of bank failures. In a statement, the Federal Open Market Committee said America’s banking system was sound and resilient. The committee voted to raise the federal funds rate to a target range of 4.75% to 5%, its highest since 2007. The decision followed the European Central Bank’s decision to lift rates on March 16th.