Persistent inflation and rising long-term yields have plagued Governor Warsh ahead of FOMC meeting The United States Federal Reserve (Fed) has raised interest rates for the first time in three years, hiking its overnight rate to between 3.75 and 4 per cent today. The decision to hike was largely expected by markets, which had priced in a roughly 85 per cent chance of this , given persistent inflation in the United States and an economy that is still showing signs of strength. "Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability," a short press release accompanying the decision reads. In August, annualized US CPI held at 3.
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