Fed raises key rate by quarter-point despite bank turmoil

Updated at 2:14 p.m.

FEDERAL RESERVE Chairman Jerome Powell speaks during a news conference, Wednesday at the Federal Reserve Board in Washington. With inflation still high and anxieties gripping the banking industry, the Federal Reserve and its chair, Jerome Powell, will face a complicated task at their latest policy meeting Wednesday and in the months to follow: How to tame inflation by continuing to raise interest rates while also helping to restore faith in the financial system – all without triggering a severe recession. / ASSOCIATED PRESS FILE PHOTO / JACQUELYN MARTIN
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…

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