BUSINESS + ECONOMY

The Fed lifts rates by a quarter point as banking turmoil complicates inflation fight

Mar 22, 2023, 12:09 PM

FILE: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve (Drew Angerer/Getty Images)

(Drew Angerer/Getty Images)

BY NICOLE GOODKIND, CNN

CNN Wiresource

Originally Published: 22 MAR 23 06:37 ET

Updated: 22 MAR 23 14:00 ET

(CNN) — The Federal Reserve raised interest rates by a quarter point on Wednesday as it attempts to fight stubbornly high inflation while addressing risks to financial stability.

Investors and economists had widely anticipated the quarter-point increase — or even a pause — amid the meltdown in the banking sector.

This story is developing and will be updated.

The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

EVERETT WALMART, EVERETT, WASHINGTON, UNITED STATES - 2023/04/19: An empty cart is seen near an emp...

Nathaniel Meyersohn, CNN

The real reasons stores such as Walmart and Starbucks are closing in big cities

Several forces are pushing Walmart and Starbucks out of some city centers: a glut of stores, people working from home, online shopping, exorbitant rents, crime and public safety concerns, and difficulty hiring workers.

12 months ago

graduates are pictured, the us is offering some student loan debt forgiveness...

Associated Press

The US has approved $42 billion in loan forgiveness for public service workers. Here’s what to know

The program is separate from U.S. Supreme Court is currently considering whether that plan can go ahead.

1 year ago

people at restaurant eating on mother's day pictured...

Alexandra Peers, CNN

Why Mother’s Day is the most hated day in the restaurant industry

The National Retail Federation forecasts that Mother's Day spending will reach $35.7 billion this year, with a record $5.6 billion spent on a meal or outing.

1 year ago

Curt Gresseth

Ticktock: US steps closer to debt default

Robert Spendlove, senior vice president and economic and public policy officer at Zions Bank, joins the show to discuss what would happen if the federal government defaults on its debt.

1 year ago

close up of a peleton bike pictured, a recall has been issued for some...

Associated Press

Peloton recalling more than 2M exercise bikes because the seat post assembly can break during use

The recall includes approximately 2.2 million of the Peloton Bikes Model PL01. The bikes were sold from January 2018 through May 2023 for about $1,400.

1 year ago