US Fed delivers first rate hike since 2023
WASHINGTON: The US Federal Reserve on Wednesday raised interest rates in the world’s largest economy by 25 basis points to tackle stubbornly high inflation, a move sure to anger President Donald Trump, who has demanded lower rates. The Fed’s Federal Open Market Committee voted unanimously to raise rates to between 3.75 and 4.00 per cent, citing “elevated” inflation and adding that the rate hike…
The US Federal Reserve increased interest rates by 25 basis points to 3.75-4.00 percent in an effort to combat persistent inflation, the first such hike since 2023. Federal Reserve Chair Kevin Warsh emphasized that the decision was based on the central bank's assessment, not market forces, and highlighted the importance of focusing on price stability as per the institution's mandate. Warsh also noted that the Fed's independence is maintained by keeping its role separate from financial markets.
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