Federal Reserve Hikes Interest Rate Amid Soaring Inflation

The US Federal Reserve raised its benchmark interest rate by a quarter point to about 3.9%, marking the first increase since 2023.

The move aims to combat stubbornly high inflation, but may lead to higher borrowing costs for mortgages, auto loans, and credit cards.

Americans are already struggling with high costs for groceries, gas, and housing, making affordability a pressing concern ahead of the midterm elections.