Federal Reserve Hikes Interest Rates for Third Time This Year

The Federal Reserve raised interest rates on Wednesday, marking the third time this year. The decision was unanimous, with new U.S. central bank chief Kevin Warsh joining in. The move effectively acknowledges the Trump administration's inability to control inflation.

The Fed raised interest rates by 0.25 percentage points, bringing the federal funds target rate to a range of 2.00% to 2.25%. This is the third rate hike this year, following increases in June and July. The decision was made with an eye on inflation, which has been rising steadily.

The Fed's decision to raise interest rates is aimed at slowing down economic growth and preventing inflation from getting out of control. The move is expected to have a ripple effect throughout the economy, impacting borrowing costs for consumers and businesses alike.