Fed Raises Interest Rates for First Time in Over Three Years

The U.S. Federal Reserve raised interest rates on Wednesday for the first time in more than three years, signaling further tightening ahead.

This decision sparked a sharp rise in the dollar and a slump in the Dow and S&P 500, with the latter falling to a three-month low.

The Fed's new chair, Kevin Warsh, emphasized that the decision was not based on last week's inflation report, but rather focused on long-term trends.