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Feds raise key interest rate to highest level in 16 years

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WASHINGTON (AP) - The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years.

But the Fed also signaled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers and businesses steadily more expensive.In a statement after its latest policy meeting, the Fed removed a sentence from its previous statement that had said "some additional" rate hikes might be needed.

It replaced it with language that said it will weigh a range of factors in "determining the extent" to which future hikes might be needed.Speaking at a news conference, Chair Jerome Powell said the Fed has yet to decide whether to suspend its rate hikes.

But he pointed to the change in the statement's language as confirming at least that possibility. Powell said the Fed would continue to monitor the latest economic data in deciding whether to pause its hikes.US Federal Reserve Bank Chairman Jerome Powell speaks at a press conference in Washington, DC, on December 11, 2019. (Photo by ERIC BARADAT/AFP via Getty Images) The Fed's rate increases since March 2022 have more than doubled mortgage rates, elevated the costs of auto loans, credit card borrowing and business loans and heightened the risk of a recession.

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Frankford High School expected to remain closed next year after asbestos discovery
PHILADELPHIA - As several Philadelphia schools continue to struggle with asbestos, at least one is already likely to stay closed to students and staff all of next year as well.Frankford High School first closed its door last month after asbestos was discovered on school grounds, including on the first floor where the cafeteria is. In a letter to the school community, the district announced that "unexpected" damage could also force the school to stay shut the next academic year for "necessary environmental and other work, including HVAC, and repairs needed throughout the facility."Officials say they are currently working on an in-person learning location for Frankford students.RELATED COVERAGE: Frankford High School to be closed for rest of school year after asbestos discoveryDamaged pipe wrap in the first-floor hallway and cafeteria above existing ductwork and drop ceilings is what ultimately led to the decision to shut the school, according to the district.Asbestos damage was also found on the third and fourth floors, throughout the structure and in floor tiles.The district also addressed questions regarding potential exposure for students and staff."There is no way to accurately calculate potential exposure in a school, given the number of people, movement in the building, areas of damage, and the invisible nature of potential fibers. The presence of asbestos materials itself is not a risk.
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