Federal Reserve Hikes Interest Rate Amid Rising Gas Prices

The Federal Reserve's key interest rate was kept unchanged six weeks ago by a divided central bank led by Chairman Kevin Warsh.

However, on Wednesday, the Fed's rate-setting committee unanimously agreed to raise the rate, with nearly all policymakers signaling that another increase later this year would likely be appropriate.

The renewed fighting in the Middle East has pushed up gas prices again, while signs indicate the economy is still growing at a healthy pace despite stubbornly high inflation.