U.S. Federal Reserve Chairman Jerome Powell will speak to reporters on Wednesday afternoon following the central bank's rate-setting meeting in which it raised its benchmark rate by 25 basis points — its ninth increase since March of last year.

The latest hike was what most Fed watchers expected.

Upheaval in the U.S. banking industry has made any projections about possible future rate hikes more difficult, as the Federal Reserve meets less than two weeks after Silicon Valley Bank failed in what is the second-largest banking collapse in U.S. history.

It was followed by the collapse of another major bank, Signature Bank, while a third bank, First Republic Bank, was saved from collapse by a $30 billion cash infusion.

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