Fed Raises Rates , by a Quarter Point.
The Federal Reserve issued its tenth rate hike since last March on May 3.
The decision to hike interest rates by a quarter of a point was unanimous.
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The benchmark federal funds rate is now at 5%-5.25%.
That's the highest it's been in over 15 years, CNN reports.
The move follows the collapse of Silicon Valley Bank, Silvergate and Signature Bank.
The move follows the collapse of Silicon Valley Bank, Silvergate and Signature Bank.
Fed Chair Jerome Powell said the central bank will "approach the question" of a pause in rate hikes "at the June meeting.".
The Federal Reserve also said that current strict lending standards may slow the economy, helping to ease inflation.
Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation, Federal Reserve, via statement.
The extent of those effects remains uncertain, Federal Reserve, via statement
