For the first time in more than three years, the Federal Reserve increased interest rates, a move likely to make borrowing more expensive for consumers and businesses. The decision came despite opposition from President Donald Trump, who has repeatedly called on the Federal Reserve and its chair, Kevin Warsh, to lower rates. Warsh was appointed earlier this year to replace Jerome Powell as chair, though Powell remains a member of the Federal Reserve Board. The Federal Reserve raised its benchmark interest rate by 0.25 percentage points, returning it to levels seen in late 2025. Persistent inflation, coupled with a stable job market, led the Fed to raise rates. The Federal Reserve aims to keep inflation at an annual rate of 2%.
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