This is the highest level that interest rates have gone to, in the U.S, in 16 years

The U.S. Federal Reserve has opted to raise interest rates by 25 basis points.

This is the highest level that interest rates have gone to, in the U.S, in 16 years.

Fed Chair Jerome Powell did signal this could the final rise for some time, as the central bank wants to give officials time to assess the impact it may have on inflation.

“If you add up all the tightening that’s going on through various channels, we feel like we’re getting close or are maybe even there,” Powell said.

Powell also touched on the the fallout from recent bank failures, and the resilience of the system over the past few months.

He also spoke about the impending issue of the U.S. defaulting in June, if Congress doesn’t raise the debt ceiling.

“No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” he said.