Fed votes to raise interest rates by 0.25 percentage points
Summary
The Federal Reserve has raised interest rates by 0.25 percentage points. This is the first time the Fed increased rates since July 2023.Key Facts
- The Federal Reserve voted unanimously to raise interest rates.
- The increase is by 0.25 percentage points (also called 25 basis points).
- The rate hike is the first since July 2023.
- Higher interest rates usually make borrowing money more expensive.
- The decision is meant to manage inflation and support economic growth.
- Experts like Jim Baird, CFO at Plante Moran Financial Advisors, provide analysis on the move.
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