Fed Hikes Interest Rates Amid Stubborn Inflation

The Federal Reserve has raised interest rates for the first time in three years to combat stubborn inflation. The move is aimed at curbing rising gas and diesel prices, which have become a key flashpoint ahead of midterm elections.

Federal officials, including Energy Secretary Chris Wright, Interior Secretary Doug Burgham, and EPA Administrator Lee Selden, convened in Houston for a three-day summit on global energy policy. The discussions highlighted Houston's role as a major energy hub.