The Federal Reserve raised its benchmark lending rate by a quarter point Wednesday, lifting interest rates to their highest level in 22 years. It’s the 11th rate increase since the Fed began its inflation fight in March 2022, and comes just one month after the central bank hit pause in order to assess the state of the economy after the failures of three regional banks since the spring. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, on June 14, 2023. The Federal kept the target range of the federal funds rate unchanged at 5 percent to 5.25 percent, following a slew of 10 consecutive hikes since March 2022. Fed officials are estimating one more rate hike this year, according to their la...