Federal Reserve Hikes Interest Rate for Ninth Consecutive Time

The Federal Reserve has increased its interest rate by 25 basis points in a move that is expected to impact the economy and financial markets.

The hike, which brings the target range for the federal funds rate to 5.00% - 5.25%, is part of the central bank's ongoing efforts to combat inflation and stabilize the economy.

This marks the ninth consecutive increase in interest rates since March 2022, with a total increase of 525 basis points.