The Federal Reserve raised interest rates by half a point at the conclusion of its two-day policy meeting Dec. 14, an indication that the central bank is pulling back on its recent aggressive stance as signs begin to emerge that inflation may be easing.
The Federal Reserve's action increases the rate that banks charge each other for overnight borrowing to a range of between 4.25 percent and 4.5 percent, the highest since 2007, CNN said. The hike follows four straight monthly increases of 0.75 percent.
The move was widely expected after Chair Jerome Powell has said December's meeting could be a time for "moderating the pace of rate increases" and as inflation appears to cool somewhat.
The Federal Reserve has increased its benchmark lending rate six times this year in an attempt to discourage borrowing, cool the economy and bring down historic high inflation that peaked at 9.1 percent over the summer, CNN said.
Healthcare systems across the country are continuing to face sustained challenges with historically high inflation levels causing, for example, hospital equipment supplies to be more expensive and some planned building projects to be put on hold.