The Federal Reserve has approved an interest Rate hike, raising benchmark borrowing costs to their highest level in over 22 years. The funds rate was raised by a quarter percentage point to a target range of 5.25%-5.5%. The hike had been expected by financial markets, but there is uncertainty over whether there will be further rate increases this year. Chairman Jerome Powell stated that inflation has moderated but has a long way to go to reach the Fed's 2% target. The Fed will be assessing incoming data and economic implications to determine future moves.

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