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Tuesday, Jan 31, 2023
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Fed Raises Rate Another Quarter-Point

The Federal Reserve, keeping a watchful eye on the impact of surging oil prices, raised a key interest rate by another quarter-point on Thursday.


The action pushed the federal funds rate up to 3.25 percent. It marked the ninth increase in the interest that banks charge each other on overnight loans and left this benchmark rate at its highest level since September 2001.


The decision by Federal Reserve Chairman Alan Greenspan and his colleagues came as the economy is growing at a solid pace, even though it is being buffeted by rising oil prices


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