With inflation at 8.7%, monetary policy committee raised interest rate to 5%
Latest hike came after inflation rose slightly to 4.4% in April
Rates to stay higher for longer amid inflation, 2024 forecast revised down
Inflation held steady at 8.7% in the year to May, against expectations for a modest decline
Process of getting inflation back down to 2% has "a long way to go,'' Fed chairman says
Latest increase ensures banks have a cushion to absorb rising credit losses
Par life accounts eventually benefit from higher interest rates
Credit ratings, outlooks under pressure as challenges mount for U.S. commercial property sector
Credit card balances rise as mortgage growth slows
Link between government spending and inflation is complex