US interest rates now highest in 16 years

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The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices.

The Federal Reserve increased its key interest rate by 0.25 percentage points – its tenth hike in 14 months.

The Fed signalled that Wednesday’s rise may be its last one for now.

The moves have pushed its benchmark rate to between 5% and 5.25% – up from near zero in March 2022.

Higher rates have sharply raised borrowing costs across the world’s largest economy, spurring a slowdown in sectors such as housing and playing a role in the recent failures of three US banks.


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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!