Fed Hikes Interest Rates Amid Rising Inflation and Geopolitical Tensions

The US Federal Reserve has increased interest rates to combat rising inflation and 'geopolitical developments' that have created economic uncertainty.

The move comes as President Trump had previously expressed a desire for lower interest rates, but now sees them as necessary to mitigate the effects of inflation.

Fed Chairman Kevin Warsh stated that the rate hike was aimed at addressing rising inflation and geopolitical tensions.