US Federal Reserve raises interest rates for first time in 3 years, irking Trump

The Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying US President Donald Trump’s demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been “too high” for “too long”.
The Fed’s Federal Open Market Committee voted unanimously to raise rates by a quarter of a percentage point to between 3.75 and 4.00 per cent.
Warsh, appointed by Trump, said the decision was a “serious” one, but needed to be taken. “The plain fact...