The Federal Reserve has just raised interest rates, marking the ninth consecutive increase. According to Fed Chairman Jerome Powell, the reasons for the move include persistently high inflation and a tight labor market.

The committee's goal remains maximizing employment and keeping inflation at around 2% in the long term.

When deciding how much to raise rates in the future, the committee will consider factors like past policy changes, how long it takes for those changes to impact the economy, and current economic and financial trends.

Amidst the chaos surrounding the recent downfall of Silicon Valley Bank, Powell stepped in to offer reassurance to the public. He made it clear that the Federal Reserve will remain vigilant in monitoring the banking system and will not hesitate to utilize all available resources to maintain stability.