U.S. Federal Reserve hikes interest rates by 25 basis points

WASHINGTON, 3rd May, 2023 (WAM) -- The U.S Federal Reserve, in its meeting held today, raised interest rates by 25 basis points (bp).

The decision sets the U.S. Central Bank's benchmark overnight interest rate to the 5.00 percent – 5.25 percent range, the tenth consecutive increase since March 2022.