"Market Reacts to Federal Reserve's Ninth Interest Rate Hike"

The Federal Reserve has raised its key interest rate by 0.25 percentage point to a range between 4.75% and 5%, the highest level since 2006, despite recent banking troubles. The sudden collapse of Silicon Valley Bank and Signature Bank has spurred fear that worried depositors could rush to withdraw their money from other regional lenders, sparking a wider crisis. The Fed's latest policy statement signals its shift from fighting inflation at all costs to a more delicate balance between trying to bring down prices while tightening credit in ways that might further sap public confidence in banks and hurt the economy.