Fed Raises Rates by 0.25%; Hints at Ending Tightening Campaign

In an effort to combat inflation, the Federal Reserve has raised interest rates for the ninth time in a row. The central bank has approved a 0.25% increase, bringing its benchmark fed funds rate to a range between 4.75% and 5%. This is the highest level since September 2007. However, officials hinted that they may end their rate-hike campaign sooner than expected due to the banking crisis.