US Fed raises rates by another 0.25%

The US Federal Reserve has raised interest rates by a quarter of a
percent despite the recent turmoil in the banking sector.

It now takes rates to a target range of 4.75-5% - the highest level since 2007.

Some economists had urged America's central bank to pause on rate
hikes to help add confidence following the collapse of Silicon Valley
Bank and Signature Bank.

Nick Harper reports from Washington.

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[ALT] Here's Federal Reserve chairman Jerome Powell.

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OUT: "... bumpy."
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Speaking to reporters after the announcement Powell tried to reassure
Americans about the recent banking crisis.

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OUT: "... again."
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