The Federal Reserve raised the target range for its benchmark interest rate by 0.25% on Wednesday to a range of 4.75%-5%, the highest since October 2007. The decision by the 12 central bankers on the Federal Open Market Committee (FOMC) had been highly anticipated since March 10, when a run by depositors at Silicon Valley Bank spread fears that a banking crisis could destabilize the U.S. economy. The stock market reacted by falling sharply. Follo..