Benchmark rate at the center of post-crisis finance
The Court of Appeal has quashed the convictions of five Barclays traders tied to Libor and Euribor manipulation. This follows the Supreme Court’s 2025 overturns of other traders’ convictions. The Serious Fraud Office says it does not oppose retrials for Hayes and Palombo and will not contest the appeals of the five Barclays traders.
The Federal Reserve has raised the federal funds rate by a quarter point to 3.75%-4.0% to tame inflation. The move will ripple through borrowing costs and savers. Credit-card rates, car loans, and mortgage-finance costs are likely to rise, while savers may enjoy higher deposit yields. The hike is the first since July 2023 and follows energy-price pressures.
The Federal Reserve has raised its benchmark rate by a quarter-point for the first time since 2023, moving the target to 3.75%-4.00%. Inflation remains above the 2% goal, and policymakers say they will slow spending and cooling the economy. Borrowers will pay more on mortgages and credit cards, while savers are likely to see higher returns on savings accounts and CDs.