Federal Reserve increases interest rates by a quarter point to 16-year high – as it happened

• Central bank announces 10th straight increase
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Jim Clyburn, a key Democratic House representative from South Carolina who served as House majority whip, endorsed fellow Democratic representative Barbara Lee in her three-way race for senator Dianne Feinstein's seat in California. The endorsement shows the upcoming rifts in the Democratic party over the race: former House speaker Nancy Pelosi endorsed representative Adam Schiff, known for chairing the House's key intelligence committee.

In a statement Wednesday, Clyburn said that Lee is the voice Americans need now in the US Senate" and she stands by what she believes in, and she doesn't back down".

The debate over the debt ceiling continued today, with news that Senate majority leader Mitch McConnell will keep himself out of the specific of negotiating talks and hints that senators Joe Manchin and Kyrsten Sinema are breaking from Dems and looking to take Senate negotiations seriously.

2024 is already gearing up: Joe Biden released his second TV ad since launching his campaign last week, while US rep. Colin Allred of Texas announced his bid to unseat Texas senator Ted Cruz.

The Federal Reserve is set to raise interest rates at 2 pm, likely by a quarter point. The rate hike, along with a press conference by Fed chair Jerome Powell at 2:30 pm, will be closely watched by Wall Street.