Breaking: Fed hikes policy rate by 25 bps to 4.5-4.75% as expected

The US Federal Reserve on Wednesday announced that it raised the policy rate, federal funds rate, by 50 basis points to the range of 4.5-4.75% following the first policy meeting of 2023. This decision came in line with the market expectation.

Follow our live coverage of the Fed's policy announcements and the market reaction.

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