Fed Hikes Rates First Time Since 2023, Signals December Increase

The Federal Reserve raised its key interest rate for the first time since 2023, defying President Trump's calls for cuts, to curb persistent inflation. Fed President Kevin Warsh cited high inflation and economic momentum, with another hike expected in December. This marks a policy reversal from the prior easing cycle, signaling a hawkish shift that will tighten financial conditions.