Fed Hikes Rates Amid Inflation Concerns

The U.S. Federal Reserve raised interest rates by 25 basis points to combat stubbornly high inflation, a move that will likely anger President Donald Trump.

The rate hike brings the target range for the federal funds rate to between 3.75% and 4.00%, with Fed Chair Kevin Warsh citing 'elevated' inflation as the reason for the increase.

A majority of policymakers expect at least one more rate hike before the end of the year, according to the central bank's Summary of Economic Projections.