The Fed raises US rates by 25bps

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The Fed raises US rates by 25bps
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The increase lifted the Fed's benchmark federal funds rate to a target range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year. MoneywebNews US InterestRates

The Federal Reserve raised interest rates by a quarter percentage point and hinted it may be the final move in the most aggressive tightening campaign since the 1980s as economic risks mount. “The committee will closely monitor incoming information and assess the implications for monetary policy,’’ the Federal Open Market Committee said in a statement Wednesday.

In March, California’s Silicon Valley Bank and New York’s Signature Bank went under amid heavy deposit outflows, prompting the Fed to launch an emergency lending facility aimed at shoring up confidence in the banking system. The emergency measures quelled market turmoil, allowing the Fed to continue its battle against inflation, but strains have resurfaced. JPMorgan Chase & Co.

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