Federal Reserve set for pivotal decision on interest rates amid bank turmoil

The US Federal Reserve is on Wednesday set to make a pivotal decision on whether to press ahead with its monetary tightening campaign or pause interest rate rises in the face of the worst banking turmoil since the 2008 financial crisis.

The rate decision will be announced at 2pm Eastern time on Wednesday following the conclusion of the Federal Open Market Committee’s two-day meeting, after which Fed chair Jay Powell will hold a press…