Fed raises key rate by quarter-point despite bank turmoil
By CHRISTOPHER RUGABER AP Economics Writer | Thursday, March 23, 2023, 12:05 a.m.
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Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, Wednesday, March 22, 2023, in Washington. (AP Photo/Alex Brandon)
WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.