Fed raises interest rates for the first time since 2023 | CNN Business

The Federal Reserve raised its benchmark interest rate as expected on Wednesday, marking a sharp policy turnaround for an economy increasingly shaped by the war in the Middle East.
This is the first rate hike since 2023 and is designed to cool spending and prevent inflation from becoming more entrenched. But it also means higher borrowing costs for Americans already struggling to afford homes, cars, and other big-ticket purchases.
Stocks fell, with the Dow seeing its worst day in nearly a month, while the 10-year Treasury yield moved back to its highest level since 2007 as markets digested Fed Chairman Kevin Warsh’s remarks.

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