Fed Raised the Rate, Now What?

Howard Schneider and Ann Saphir of Reuters News report on the Fed's raised interest rate. The benchmark rate is now 5.00 - 5.25% and removed language anticipating future hikes.They report that Fed Chairman Powell said that inflation is still the top concern of economic policy makers. Many are concerned by the failure of three banks in the past few months, largely due to devalued older holdings that were loaned at a lower rate.Reuters predict the rate will go down in September, but Powell would not commit to that timespan, believing the crunch will last longer.The last time interest rates were this high was in 2006-2008, right before the big financial crash of 2008.