Key Facts

• The Federal Reserve raised interest rates by one-quarter of one percent.
• Interest rates are the cost of borrowing money.
• The rate increase aims to control inflation and stabilize the economy.
• President Donald Trump expressed strong disagreement with the Fed’s action.
• The news was reported by CBS News and discussed by financial experts.
• Higher interest rates can make loans and credit more expensive for people and businesses.
• The Federal Reserve sets these rates to influence economic growth and prices.