Federal Reserve raises interest rates amid uncertainty over inflation and banking crisis
The US Federal Reserve has raised interest rates by a quarter-point to a range of 4.75% to 5%, and officials forecast one more rate increase in 2023. The decision was made amid uncertainty over the risk of runaway inflation and the threat of turmoil in the banking system. The Fed's statement said that some additional rate moves 'may be' warranted, but officials do not know that yet. The decision was one of the most closely watched in years, and the conflicting forces had left investors and economists guessing what central bankers would do.