Federal Reserve Hikes Rates, Warns of Further Tightening

The Federal Reserve raised interest rates on Wednesday and signaled further increases in borrowing costs are coming, according to new U.S. central bank chief Kevin Warsh.

In a unanimous decision, the Fed hiked rates with the goal of controlling inflation, which has been a persistent issue under the Trump administration.

The move effectively acknowledges the administration's inability so far to control inflation, as stated by the Federal Reserve.