Fed Raises Interest Rates Amid Concerns Over Inflation

The US Federal Reserve raised interest rates by 25 basis points to between 3.75 and 4.00 per cent, citing elevated inflation as a major concern.

Fed Chair Kevin Warsh said that 'the plain fact is that inflation is too high and has been for too long' and that today's action shows the Fed is serious about addressing this issue.

The decision was unanimous among the Federal Open Market Committee members, with 12 of 18 policymakers expecting at least one more rate hike before the end of the year.

This move is likely to rile US President Donald Trump, who has been pushing for lower interest rates to boost economic activity.