The Federal Reserve on Wednesday raised its benchmark interest rates for the first time since 2023, in a move aimed at slowing inflation that picked up again last month. The Fed’s hike of 0.25% brings the central bank’s flagship rate to 3.75% to 4.00%. The Fed’s policymakers unanimously supported the rate hike and signaled one more interest rate hike could come before the end of the year. “Uncertainty remains elevated owing, in part, to geopolitical developments,” the Federal Reserve statement read. “Today’s policy action will support a timelier return to the Committee’s 2 percent goal.” The hike could also be the start of a rate hiking cycle. Historically, when a central bank raises rates once, it follows that up with multiple additional increases.
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