US Federal Reserve raises interest rates a quarter-point amid banking turmoil

Fed announces rise to a range of 4.75% to 5% - its ninth consecutive rate rise and the highest rate since 2007

Facing the worst banking crisis since 2008 and the highest inflation rate in a generation, the Federal Reserve chose to keep fighting price rises and announced another hike in interest rates.

The US central bank announced on Wednesday that its benchmark interest rate would rise another quarter of a percentage point to a range of 4.75% to 5% - its ninth consecutive rate rise and the highest rate since 2007. A year ago interest rates were close to zero.