america’s central bank increased its benchmark interest rate on wednesday pushing it up by a quarter percentage point the hike the first since 2018 was widely expected but at a time when russia’s war in ukraine has roiled global markets us inflation is at its highest level since the 1980s and covid19 cases are increasing in some parts of the world consumers and investors are contending with the prospect of rates going even higher at stake will stocks tank or soar will the pandemicinduced demand for housing continue even though borrowing costs are going up and will rate hikes be enough to tame inflation