Watch live: Federal Reserve expected to announce interest rate hike amid bank failures

March 22 (UPI) — The Federal Reserve raised interest rates by a quarter percentage point Wednesday amid several high-profile bank failures in the United States that have rattled world financial markets.

Federal Reserve Chairman Jerome Powell confirmed the U.S. central bank is raising the current target range from 4.75% to 5% despite some pressure to pause its rate hikes in the wake of the bank failures.