The Federal Reserve raised its key interest rate Wednesday for the 11th time in 17 months, a streak of hikes that are intended to curb inflation but that also carry the risk of going too far and triggering a recession.

The move lifted the Fed’s benchmark short-term rate from roughly 5.1% to 5.3% — its highest level since 2001.

Coming on top of its previous rate hikes, the Fed’s latest move could lead to further increases in the costs of mortgages, auto loans, credit cards and business borrowing.

A key question swirling around  the Fed is whether Wednesday’s increase will be its last or whether it will hike again later this year. At his news conference, Chair Jerome Powell said the central bank has made no decisions about any future rate increases.

“The process of getting inflation down to 2% has a long way to go,” Powell said.

General Motors Co. and Stellantis NV are joining five other automakers to create a joint venture focused on beating Tesla Inc. as the leading high-powered electric-vehicle charging network in North America.

The collaboration that also includes BMW AG, Honda Motor Co. Ltd., Hyundai Motor Co., Kia Corp. and the Mercedes-Benz Group seeks to install at least 30,000 high-powered charge points fueled by renewable energy in urban and highway locations near amenities. The first U.S. stations will be made available starting in the summer of 2024 with the venture subject to customary closing conditions and regulatory approvals this year.

The stations installed by the JV will support two kinds of connectors: the Tesla-favored North America Charging Standard as well as the Combined Charging System that automakers like GM and Ford Motor Co. have been using.

There are 32,000 publicly available DC fast chargers in the United States for 2.3 million EVs, a ratio of 1:72, according to the U.S. Energy Department. The National Renewable Energy Laboratory estimates that the country will need 182,000 DC fast chargers to support up to 42 million plug-in vehicles on the road by 2030.