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)
May 3, 2023
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May 3, 2023 11:25 a.m.
Fed raises key rate but hints it may pause amid bank turmoil
Inflation has fallen from a peak of 9.1% in June to 5% in March but remains well above the Fed's 2% target rate