AP News in Brief at 12:04 a.m. EDT
The Federal Reserve raised its benchmark interest rate for the first time since 2023 on Wednesday, defying President Trump's demands for a rate cut. The quarter-point increase brings the key rate to around 3.9%, and the central bank may raise it again to 4.1% later this year. This move aims to tackle high inflation, which has remained above the Fed's 2% target for an extended period.
The higher borrowing costs could impact mortgages, auto loans, and credit card interest rates. Meanwhile, the House passed a bill imposing sanctions on Russia, with the goal of weakening President Vladimir Putin's economy and providing financial support to Ukraine in its ongoing war against the country.
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