Fed raises key rate by quarter-point despite bank turmoil

“Depositors should assume that their deposits are safe.”

The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.

At a news conference, Fed Chair Jerome Powell sought to reassure Americans that it is safe to leave money in their banks, two weeks after a rush of depositors pulled funds from Silicon Valley Bank, which collapsed in the second-biggest bank failure in U. (LaPresse)

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Two important areas of agreement appear in hand: Canada will escalate its timeline for military upgrades to the North American Aerospace Defense Command and the two nations will reach an agreement on migration, a senior Canadian official told The Associated Press. (LaPresse)

German Foreign Minister Annalena Baerbock urged North Macedonia’s leaders Thursday to deliver on a pledge to amend the constitution to speed up the country's path toward European Union membership. North Macedonia has promised neighboring Bulgaria, an EU member since 2007, to add a reference in its constitution to the existence of an ethnic Bulgarian minority. (LaPresse)

Ronaldo was benched in the knockout rounds in Qatar and left the field in tears after the defeat to Morocco. He had said his return to the national team was in doubt after the World Cup, but eventually decided it was not time “to throw in the towel. (LaPresse)

A first-in-the-nation bill to punish oil companies for profiting from price spikes at the pump breezed through the California Senate on Thursday at the urging of Democratic Gov. Gavin Newsom, the first major vote in an effort to pass the law by month's end. (LaPresse)

The underwhelming assessment of America’s banks and bank regulation comes after a series of shocks brought back disturbing memories of the 2008-2009 financial crisis. adults say they have high confidence in the nation’s banks and other financial institutions, a new poll finds. (LaPresse)

EU foreign and defense ministers approved the plan for a fast-track purchasing procedure earlier this week, and the leaders of the bloc’s 27 member nations gave it their political blessing at a summit in Brussels Thursday. (LaPresse)