The Latest Breaking News from Janet Yellen

The Federal Reserve raised interest rates at a ninth straight meeting and indicated there may be more hikes to come in a clear sign it’s confident that its bid to quell inflation won’t deepen a nascent banking crisis.

Washington (AFP) - The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.

PacWest said its plans to raise new capital "would not be prudent" given "current volatility in the market and depressed market prices for regional bank stocks".

Washington (AFP) - US banks will be paying especially close attention to the Federal Reserve's interest-rate decision on Wednesday after two weeks of market turmoil over the collapse of three regional lenders.

Stock futures edge lower as Fed rate decision looms; Fed Chair Powell faces difficult choice between inflation fight and bank stability; First Republic shares extend gains amid capital support plans; GameStop shares soar following first quarterly profit in two years and Nike slips lower as margins pressures cloud Q3 profit…

Regulators are setting a precedent with potentially long-lasting consequences and thin legal authority.

Washington (AFP) - American banks will be paying especially close attention to the Federal Reserve's interest-rate decision on Wednesday, as the collapse of Silicon Valley Bank (SVB) continues to reverberate through financial markets. 

Asian shares are higher after stocks rallied on Wall Street, including the banks most beaten down by the industry's crisis

Hong Kong (AFP) - Asia extended a global equities rally Wednesday as more pledges of government support soothed worries over the banking sector and provided some much-needed stability after more than a week of upheaval.

Stocks rallied Tuesday with the Fed decision on tap as banking fears eased. GME stock leapt late. First Republic rose.

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.