"Powell's Speech and Fed Decision: Live Updates and Inflation Targeting"

The Federal Reserve raised interest rates by a quarter point, taking the fed funds rate to a target range of 5% to 5.25%. The central bank also dropped a line about "additional policy firming" from its statement, indicating a possible pause in rate hikes. Fed Chair Jerome Powell said the run on Silicon Valley Bank was historically unprecedented and that the process of tackling inflation has further to go. Powell also said it may be too soon to cut rates and that the Fed will take a "data dependent" approach going forward.