Fed hikes interest rates by quarter-point
Summary
The Federal Reserve raised interest rates by a quarter-point to between 3.75% and 4%. This is the first rate increase in several years and aims to address persistent inflation.Key Facts
- The Federal Reserve increased the federal funds rate by 0.25 percentage points.
- The new interest rate range is 3.75% to 4%.
- The decision was unanimous by the Federal Open Market Committee (FOMC).
- The move was made to combat ongoing inflation that remains high.
- Kevin Warsh is the chair of the Federal Reserve.
- This is the first interest rate hike in several years.
- Higher interest rates often make borrowing more expensive to slow inflation.
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