Fed Hikes Rates Amid Persistent Inflation Concerns

The Federal Reserve raised interest rates by 25 basis points to a target range of 3.75% to 4%, as policymakers signaled another increase could follow.

The decision came after the Fed increased its near-term inflation forecasts, and oil prices declined on easing concerns over Saudi supply disruptions.

However, gold reversed earlier gains after the Fed raised rates and indicated further increases remained possible.