Fed Raises Rates for First Time in Three Years

“The Federal Reserve raised interest rates Wednesday for the first time in three years, a sharp reversal that began taking back cuts it made last year and implicitly undercut the White House’s insistence that inflation isn’t a concern,” the Wall Street Journal reports.

“The increase, approved unanimously, will raise the benchmark federal-funds rate range by a quarter point to between 3.75% and 4%.”

CNBC: “Updated projections the committee released Wednesday showed that a strong majority of officials think another hike is possible later this year.”

Bloomberg: “With their decision to raise rates, policymakers also defied Trump, who recently threatened to escalate his trade wars if the Fed doesn’t lower interest rates.”