US Futures Rise as Fed Prepares for First Interest Rate Hike in Over Three Years

US futures rose on Wednesday ahead of the Federal Reserve's decision on interest rates. The central bank is expected to raise interest rates for the first time in over three years, a move that would slow borrowing and cool inflation costs.

Fed Chair Kevin Warsh has boxed himself into a rate hike after delivering a speech last month warning that inflation remains above the 2% target. Recent US data showing stubbornly high inflation bolstered expectations for higher rates.

Economists say that with this move, the Fed is trying to combat persistent inflation pressures in the economy. The decision will have significant implications for consumers and businesses alike.