URGENT: U.S. Fed raises key interest rate by slower 0.25 point

The U.S. Federal Reserve on Wednesday approved another hike in its benchmark interest rate, but at a slower pace of 0.25 percentage point, as it continues to battle persistent inflation.

The increase lifts the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of 4.50 to 4.75 percent.

© Kyodo News