In the year since the Federal Reserve brought interest rates to a more than two-decade high, the central bank has succeeded in taking the steam off of an overheated US economy. But higher borrowing costs have also had some unexpected effects.
Following the collapse of First Republic Bank earlier this week, the Federal Reserve is expected to deliver its 10th - and final - rate hike for a while today, bringing the rate to a range of 5% to 5.25%, the highest since 2007.
Federal Reserve officials delivered their fourth straight 75 basis-point interest-rate increase while citing that "ongoing increases" will likely be needed to bring rates to a level that is "sufficiently restrictive to return inflation to 2% over time."