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Federal Reserve Chair Jerome Powell Testifies Before The Senate Banking Committee
Federal Reserve Board Chair Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on "The Semiannual Monetary Policy Report to the Congress," in the Hart Senate Office Building on Capitol Hill on Tuesday, March 7, 2023 in Washington, DC.

Kent Nishimura / Los Angeles Times via Getty Images

  • The Federal Reserve raised interest rates by 25 basis points on Wednesday.
  • It's the second interest rate increase this year.
  • It comes on the heels of Silicon Valley Bank's collapse, which prompted some calls to pause the rate hikes.

The nation's central bank is keeping its foot on the gas pedal when it comes to fighting inflation.

Tags
economy, politics, Markets, Policy, Federal Reserve, Interest Rates, interest rate increase, Jerome Powell, Elizabeth Warren, Mark Warner, Silicon Valley Bank, Silicon Valley Bank collapse, Sherrod Brown
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