The Federal Reserve has increased short-term borrowing rates for the 10th time in a row, raising the benchmark rate from 4.75% to a target range of 5% to 5.25% in an attempt to address high inflation. However, high interest rates have accelerated a banking crisis in the US, with three of the country's largest banks collapsing in the last six months. Despite the economic weakness, the central bank remains committed to controlling prices in order to reduce inflation, which peaked in the summer and is still double the Fed's target rate of 2%. Inflation has fallen since then, with the announcement of the March rate hike stating that "some additional policy increases might be appropriate"; however, Fed Chair Jerome Powell left open the possibility of a pause at the next rate review. Rates on other borrowing, such as mortgages and home equity lines of credit, will increase, expected to make borrowing more difficult and risky for banks.