The United States Federal Reserve said it raised interest rates by a quarter of a percentage point as inflation, driven by soaring fuel prices amid the US-Iran war, continues to weigh on the economy. The Fed, which is the central bank of the US, said on Wednesday that it will hike interest rates by 25 basis points to 3.75 percent to 4 percent. It is the first hike in more than three years and comes just weeks before the US midterm elections, despite repeated demands from President Donald Trump to lower rates. “Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient,” the Fed said in a statement on Wednesday. “Inflation remains elevated.
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