Federal Reserve Raises Interest Rates for First Time in Three Years

The US Federal Reserve has raised interest rates for the first time in three years. The decision was made to combat high inflation, which is currently a major concern for the central bank.

The Fed's Federal Open Market Committee voted unanimously to increase the rate by a quarter of a percentage point. This brings the target range to between 3.75 per cent and 4.00 per cent.

This move is likely to anger US President Donald Trump, who has expressed his disapproval in the past when interest rates have risen.