The U.S. Federal Reserve on Wednesday raised interest rates in the world's largest economy by 25 basis points to tackle stubbornly high inflation, a move sure to anger President Donald Trump, who has demanded lower rates. The Fed's Federal Open Market Committee voted unanimously to raise rates to between 3.75% and 4.00%, citing "elevated" inflation and adding that the rate hike would support a "timelier return" to its 2% target for the metric. A majority of Fed policymakers expect at least one more rate hike to be necessary before the end of the year, according to the central bank's Summary of Economic Projections, also published Wednesday. The Fed last raised rates in 2023, when the central bank was still battling post-pandemic inflation.
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