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The Federal Reserve raised interest rates once again on Wednesday, as concerns about persistently elevated inflation trumped turmoil in the banking industry.

The central bank’s rate-setting group, known as the Federal Open Market Committee (FOMC), wrapped up its regularly scheduled two-day meeting by increasing the short-term federal funds rate by 25 basis points, or 0.25%.

“The Fed just hiked rates two weeks after the biggest bank failures since 2008. If they aren’t blinking now, there shouldn’t be any doubt about their commitment to tame inflation.” – Scott Duba, chief investment officer and managing director of wealth management at Prime Capital Investment Advisors.

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Prime Capital Investment Advisors
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