Fed raised a rates by 25 bps and kept the door open for more hikes

The Federal Reserve has increased US interest rates by 0.25%, the highest rate in 16 years, due to concerns that inflation is still elevated. The move may affect borrowers, including mortgage holders, as interest rates on loans are likely to rise, while savers will benefit from higher rates on savings accounts. The US Federal Reserve has raised interest rates by a quarter percentage point to a range of 5.25%-5.5%, marking its 11th hike in its past 12 meetings. The move was widely expected, and the accompanying policy statement has left the door open for further increases.

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