LIVE: Fed Chair Powell Gives Update After Interest Rate Decision Amid Banking Turmoil

Federal Reserve Chairman Jerome Powell will appear at a press conference after the board of the central bank announces its update on interest rates. Federal Reserve System lifts base interest rate to 4.75-5%      The Federal Reserve is set to announce whether it will raise interest rates amid turmoil in the market from the collapse of Silicon Valley Bank and the instability of other midsize banks. Most investors believe the central bank will raise interest rates to quell inflation, which remains high. There is a 69% chance that the Fed will hike rates by 0.25 of a percentage…