Fed raises key rate but hints it may pause amid bank turmoil
Pedestrians walk past the headquarters of First Republic Bank in San Francisco, Monday, May 1, 2023. The Fed's interest rate decision, announced on Wednesday, comes against the backdrop of both still-high inflation and the persistent turmoil in the banking industry. (AP Photo/Godofredo A. Vásquez)
By CHRISTOPHER RUGABER
AP Economics Writer
WASHINGTON — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause the streak of 10 rate hikes that have made borrowing for consumers and businesses steadily more expensive...
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