Fed Raises Interest Rates for First Time in Three Years

Fed Chairman Kevin Warsh spoke after the central bank raised interest rates for the first time in three years, increasing them by a quarter of a percentage point.

The decision was announced on Wednesday afternoon and was expected despite President Donald Trump's opposition to it. The rate hike took effect immediately.

Warsh did not mention any specific economic indicators or data that influenced the Fed's decision to raise rates, but stated that the central bank would continue to monitor the economy.