BUSINESS + ECONOMY

The Fed lifts rates by a quarter point as banking turmoil complicates inflation fight

Mar 22, 2023, 12:09 PM

FILE: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a...

FILE: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve (Drew Angerer/Getty Images)

(Drew Angerer/Getty Images)

Originally Published: 22 MAR 23 06:37 ET
Updated: 22 MAR 23 14:00 ET

    (CNN) — The Federal Reserve raised interest rates by a quarter point on Wednesday as it attempts to fight stubbornly high inflation while addressing risks to financial stability.

Investors and economists had widely anticipated the quarter-point increase — or even a pause — amid the meltdown in the banking sector.

This story is developing and will be updated.

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The Fed lifts rates by a quarter point as banking turmoil complicates inflation fight