US Federal Reserve votes to increase interest rates to 16-year high

Rise in benchmark interest rate is 10th hike since March 2022, when the Fed started its rapid inflation-fighting campaign

The US Federal Reserve voted to increase interest rates to a 16-year high on Wednesday, even as a banking crisis has left the economy wobbling.

The quarter-point rise in the Fed's benchmark interest rate was the 10th hike since March 2022, when interest rates were zero and the Fed started its rapid inflation-fighting campaign. The interest rate now stands at 5% to 5.25%.