US Federal Reserve Hikes Interest Rates Amid Rising Inflation Fears

US Federal Reserve Chair Kevin Warsh announced on Wednesday that interest rates would be raised for the first time since 2023, despite President Donald Trump's demand for rate cuts to stimulate economic activity.

The Fed's decision was unanimous, with a 25-basis-point hike to between 3.75 and 4.00 percent, citing inflation that has been 'too high' for 'too long.'

Fed policymakers expect at least one more rate hike before the end of the year, according to their Summary of Economic Projections (SEP).