Fed Hikes Interest Rates to Highest Level since 2007 

The U.S. Federal Reserve once again increased its short-term interest rate, its ninth in the last year. This time the increase is by a quarter of a percentage point and officials indicated that increases are nearly at an end as the board attempts to balance reigning in inflation with monitoring the impact on the banking industry. While this interest rate hike raises the cost of borrowing, it also raises the interest that may be earned on banking deposits to the highest rates in 15 years.