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Fed raises key rate by quarter-point despite bank turmoil
Updated at 2:14 p.m.
WASHINGTON (AP) – The Federal Reserve extended its yearlong fight against high inflation Wednesday by raising its key interest rate a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. "The U.S. banking system is sound and resilient," the Fed said in a written statement released after…