(URGENT) Fed raises key interest rate by a quarter percentage point in 1st hike since July 2023

Federal Reserve on Wednesday raised it... Federal Reserve raised its benchmark i... WASHINGTON (AP) — Federal Reserve hikes key interest rate for 1st time in 3 years, defying Trump’s demand for cut.

The Federal Reserve raised interest rates Wednesday for the first time in several years in the face of stubborn inflation. The central bank's Federal Open Market Committee (FOMC), under Fed Chair Kevin Warsh, voted unanimously to increase the central bank's benchmark interest rate to a range of 3.75 percent to 4 percent.