Despite the financial crisis, the US boosts interest rates.

The US Federal Reserve has raised interest rates again, despite fears that the move could add to financial turmoil after a string of bank failures. The Fed has been raising borrowing costs in a bid to stabilise prices, but the sharp increase in interest rates since last year has led to strains in the banking system. Two US banks - Silicon Valley Bank and Signature Bank - collapsed this month, buckling in part due to problems caused by higher interest rates. There are also concerns about the value of bonds held by banks as rising interest rates may make those bonds less valuable. However, authorities around the world have said they do not think the failures threaten widespread financial stability and need to distract from efforts to bring inflation under control.

The Bank of England is due to make its own interest rate decision on Thursday. Federal Reserve chairman Jerome Powell said the Fed remained focused on its inflation fight, but acknowledged that the recent turmoil was likely to drag on growth, with the full impact still unclear.