Fed Defies Trump: Raises Interest Rates by Quarter Point

The Federal Reserve raised interest rates by a quarter point in its latest decision, defying calls from President Trump to lower rates.

This move marks the first increase since January and brings the target range for the federal funds rate to between 2.25% and 2.5%.

Fed policymakers voted 8-1 in favor of the interest rate hike, with one member dissenting. The decision was announced on July 29, following a meeting of the Federal Open Market Committee (FOMC).