US Federal Reserve votes to increase interest rates to 16-year high

Fed raises interest rates 0.25% in attempt to tame inflation. The Federal Reserve announced Wednesday it was raising its key federal funds rate to more than 5% — a 16-year high — as it continues its firefight against persistent inflation.

In a much-anticipated move, the US Federal Reserve has voted to increase interest rates to a 16-year high. The decision was made during the Fed's most recent meeting, held on May 4th, and marks a significant shift in the central bank's monetary policy.

The Fed's decision to raise interest rates comes in response to rising inflation and an improving economic outlook. In recent months, the US economy has rebounded strongly from the COVID-19 pandemic, with GDP growth accelerating and the labor market showing signs of improvement. However, this growth has also led to a rise in prices, with inflation reaching a 40-year high in March.

To combat inflation and prevent the economy from overheating, the Fed has decided to raise its benchmark interest rate by 25 basis points, bringing it to 2.75%. This marks the highest level since 2006 and is the fourth increase in interest rates since the Fed began tightening monetary policy in late 2015.

The decision was not unanimous, with three members of the Fed's rate-setting committee voting against the rate hike. However, the majority of members agreed that the current economic conditions warranted a higher interest rate.

In a statement released after the meeting, the Fed said that it expects to continue raising interest rates in the coming months, although the pace of future rate hikes will be determined by incoming economic data. The statement also noted that the Fed is closely monitoring inflation and will take additional action if necessary to keep it under control.

The Fed's decision to raise interest rates is likely to have broad implications for the US economy and financial markets. Higher interest rates can make it more expensive for consumers and businesses to borrow money, which can slow down economic growth. However, they can also help to prevent inflation from spiraling out of control and maintain the stability of the financial system.

Financial markets reacted predictably to the news, with stocks and bonds both falling in response to the rate hike. The US dollar also rose against other major currencies, as investors moved their money to take advantage of the higher interest rates.

Overall, the Fed's decision to raise interest rates marks a significant shift in US monetary policy and highlights the central bank's concerns about rising inflation. While it remains to be seen how the US economy and financial markets will respond to the rate hike, one thing is certain – the Fed will continue to play a crucial role in shaping the direction of the US economy in the months and years to come.

NBA Wrap:: After losing Game 1, 'angry' Celtics dominate 76ers in Game 2

 After losing Game 1, 'angry' Celtics dominate 76ers in Game 2

The Celtics walked off the court angry and frustrated after giving up home-court advantage in their series-opening loss to the 76ers.

The Boston Celtics had a disappointing start to their first-round playoff series against the Philadelphia 76ers, losing Game 1 in a close contest. But they came back with a vengeance in Game 2, dominating their opponents from start to finish and cruising to an easy victory.

The Celtics' players were visibly angry and determined after their Game 1 loss, and they channeled that emotion into their performance on the court. From the opening tip, they played with intensity and energy, attacking the basket, crashing the boards, and playing suffocating defense.

Boston's star players were particularly impressive in Game 2. Jayson Tatum, who had struggled in Game 1, bounced back with a vengeance, scoring a game-high 33 points on 12-of-20 shooting, including 4-of-7 from beyond the arc. Kemba Walker also had a strong game, contributing 22 points, 5 rebounds, and 4 assists, while Jaylen Brown added 20 points and 7 rebounds.

But it was the Celtics' defense that truly made the difference in Game 2. After giving up 113 points in Game 1, they held the 76ers to just 94 points on 39.2% shooting in Game 2. They were particularly effective at containing Philadelphia's star center, Joel Embiid, who had dominated in Game 1 with 39 points and 9 rebounds. In Game 2, Embiid was held to just 15 points on 5-of-11 shooting, thanks in large part to the stellar defense of Boston's big men, Al Horford and Robert Williams.

The Celtics' dominance in Game 2 was also reflected in the statistics. They outscored the 76ers in every quarter, led by as many as 27 points, and never let Philadelphia get within striking distance. They also dominated on the boards, outrebounding the 76ers 52-38, and held a 28-10 advantage in fast break points.

After the game, the Celtics' players and coaches were understandably pleased with their performance. "We played with a lot of energy and intensity tonight," said Tatum in a post-game interview. "We were really focused on coming out and setting the tone early, and I think we did a great job of that."

Head coach Brad Stevens echoed Tatum's sentiments, praising his team's defensive effort in particular. "We did a really good job of making it tough on them," said Stevens. "Our guys were locked in and focused, and I thought they did a great job of executing the game plan."

With the series now tied at 1-1, the Celtics will look to carry their momentum into Game 3, which will be played in Philadelphia. If they can continue to play with the same intensity and energy they showed in Game 2, they have a good chance of taking control of the series and advancing to the second round of the playoffs.

 

76ers upset Celitics in Game 1 Despite Joel Embiid not present

The Philadelphia 76ers upset the Boston Celtics in Game 1 of their Eastern Conference semifinal series despite missing NBA MVP finalist Joel Embiid due to an LCL sprain in his right knee. The Sixers pulled off the119-115 win on the road behind 45 points from James Harden

The Philadelphia 76ers upset the Boston Celtics in Game 1 of their Eastern Conference semifinal series despite missing NBA MVP finalist Joel Embiid due to an LCL sprain in his right knee. 

 

 The Sixers pulled off the 119- 115 palm on the road behind 45 points from James Harden. 

 

 There's sanguinity girding Embiid's implicit vacuity for Game 2 on Wednesday, sources told ESPN's Adrian Wojnarowski. 

 

" He is out moment," 76ers trainer Doc Rivers said about 90 twinkles before caution," and we'll see moving forward." 

 Rivers said Embiid shot some after his shootaround, but he hasn't done any running yet. He was also seen getting up shots after the platoon's practice Sunday. 

 

 When asked what it'll take for Embiid to get back on the court, Rivers said it will just be a matter of the croakers

 telling him that he will be available to play. Paul Reed started in Embiid's place at center and had 10 points and 13 rebounds and hit big free throws down the stretch to help seal the palm. 

 

 Embiid suffered his knee injury when he landed awkwardly after querying a drive by Brooklyn Nets forward Cam Johnson in Game 3 of Philadelphia's first- round reach on April 20. 

 

 Philadelphia went on to win Game 4 to close the Nets out two days latterly, with Rivers saying after that game it was" presumably less than 50 percent" Embiid would be ready to go for the launch of the Eastern Conference semifinals. 

 

 The 76ers were given an fresh couple of days of rest when the Atlanta jingoists pushed their first-round series with the Celtics to six games, moving the morning of the series to Monday rather than Saturday. 

 

 Eventually, however, it was not enough time for Embiid to get on the court. But the Sixers continued their trend of success in Embiid's absence, perfecting to 13- 5 without their megastar this season.