Federal Reserve raises interest rates for first time in three years
The Federal Reserve raised its benchmark interest rate by a quarter percentage point on Wednesday, the first increase in three years, in an effort to combat inflation driven by soaring energy prices tied to the war in Iran. The decision was unanimous despite opposition from President Trump, who had pushed for a rate cut.
The move came from Trump's own pick for Fed chair, Kevin Warsh, and U.S. stocks slipped afterward as the Fed signaled more hikes could be on the way.
The Federal Reserve raised interest rates for the first time in three years, defying pressure from President Trump to cut them instead.