The US Federal Reserve System (FRS) raised the base interest rate by 25 basis points to an annual level of 5-5.25%. The relevant decision, which coincides with the predictions of most analysts, was taken after the results of the May meeting, the regulatory press service reported.
The rate is recorded as 5.25% annually, the highest level since 2006.
Earlier, US President Joe Biden addressed the nation and He insisted Americans trust the country’s banking system. According to him, all deposits of depositors will be available to them. The White House chief was quick to reassure US citizens that they would not be harmed by the failure of Silicon Valley and Signature Bank.
In March, the United States Federal Reserve raised base interest rate 25 basis points – up to 4.75%-5% per annum.