The Fed has approved the smallest rate raise since March, in response to an improved inflation outlook.

The Federal Reserve unanimously authorized a quarter-point interest rate hike on Wednesday, reducing the pace of its increases in a clear hint that the central bank is making progress in its war against inflation. The decision, made at the conclusion of the Federal Open Market Committee's first meeting of 2023, comes after months of jumbo-sized rate rises aimed to chill the economy, and represents a return to more traditional interest-rate....