Fed raises interest rates despite banking turmoil.

The US Federal Reserve has hiked interest rates by 0.25 percentage points, bringing it to a target range of 4.75% to 5%, but the increases might stop soon. Most Fed members kept their rate forecast for 2023 unchanged, signaling there'd be just one more hike this year before the Fed pauses. Fed officials unanimously agreed to increase rates. But at the post-meeting press conference, Fed Chair Jerome Powell admitted the committee considered pausing hikes because "events in the banking system over the past two weeks are likely to result in tighter credit conditions."