Fed Hikes Rates Amid Record Diesel Prices and Crypto Regulatory Setback

The U.S. Federal Reserve raised interest rates for the first time in more than three years on Wednesday, and signaled further increases are likely. The decision was unanimous, with new Fed Chair Kevin Warsh joining in.

Average U.S. diesel prices have reached a record high of $6.31 per gallon, up 15% in a month and 70% over the past year. This is causing concerns about transportation costs and potential consumer price increases.

Crypto industry advocates were dealt a setback when a bill to create a regulatory framework for digital assets was blocked by the U.S. Senate. The Clarity Act would have provided clearer rules for exchanges, token classifications, custody, and institutional participation.