Fed Raises Interest Rates Amid High Inflation Concerns

The US Federal Reserve raised interest rates by 25 basis points on Wednesday to combat stubbornly high inflation, sparking criticism from the White House. The move was widely expected and is seen as a step towards achieving the Fed's 2% target for inflation.

According to the Fed's Summary of Economic Projections, at least 12 policymakers expect one more rate hike before the end of the year, with four expecting two more hikes. This marks a shift from previous projections, which showed a slower pace of rate increases.

The White House criticized the decision as 'unfortunate' and stated that it was not backed by a compelling economic case. President Trump has been advocating for lower interest rates to boost economic activity.