Business · 55 minutes ago
The Fed raises rates for the first time in three years
The US Federal Reserve raised its benchmark rate by a quarter point to between 3.75% and 4% on Wednesday, its first increase since 2023 and a unanimous decision. Chair Kevin Warsh's committee acted after inflation held at 3.4% in August, with the Iran war keeping energy costs high. Most officials expect one more rise before the year ends, which would lift borrowing costs worldwide.
Reported by CNBC · How we write briefs