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US Federal reserve raises interest rates to counter growing inflation

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WION Video Team  | Updated: Mar 23, 2023, 08:50 AM IST

The US Federal reserve has raised interest rates by a quarter percent. This comes amid the banking system turmoil that began on March 10. It was triggered by the collapse of Silicon Valley Bank in California. Leading to the biggest banking sector meltdown since the 2008 financial crisis.

This is the ninth interest rate hike announced by the US Federal reserve in the last year. Jerome Powell, the chair of the federal reserve, said the Silicon Valley Bank collapse did not indicate wider weaknesses, in the banking system… And attributed the collapse to bad management…

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