Federal Reserve Hikes Interest Rate For Ninth Consecutive Time

The rate was hiked by a quarter percent bringing the Fed's policy rate to a new range of 4.75%-5%.

Amidst a banking crisis and inflation, the Federal Reserve made a decision to once again raise interest rates.

The rate was hiked by a quarter percent bringing the Fed’s policy rate to a new range of 4.75%-5%. This move marks the ninth rate hike in a row and marks the highest range since October of 2007.

The Fed released a statement that explained how inflation remains elevated and the central bank remains in an alerting risk of inflation while banking issues could cause credit conditions to tighten and weigh on economic growth.

The decision was unanimous among FOMC voters.