The Federal Reserve announced another interest raise hike of 0.25 basis points Wednesday, to a target range of 4.75%-5% as they continue to attempt to fight inflation while also attempting to balance the ongoing banking crisis.

“The Committee will closely monitor incoming information and assess the implications for monetary policy,” the Fed said in a statement.

“The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

The Fed, which has been struggling to tame inflation by raising interest rates, also had to act to stabilize the banking issues, which were largely caused by rising interest rates.

Today’s move is the ninth consecutive rate raise since March of 2022, but the Fed indicated that more rate increases may be coming to an end.

Higher interest rates make it more expensive for companies and individuals to borrow funds, which in turn, restricts access to cash and constrains their ability to spend, reducing pressure on prices.

But at the same time, higher interest rates mean that some banks may be forced to sell government bonds at an even greater loss, further worsening that particular crisis.

“The U.S. banking system is sound and resilient,” the statement continued. “Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks.“

Today’s announcement brings interest rates to its highest level since late 2007.