The US Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying President Donald Trump's demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been "too high" for "too long." The Fed's Federal Open Market Committee voted unanimously to raise rates by 25 basis points to between 3.75 and 4.00 percent. "The plain fact is that inflation is too high, and has been for too long," Warsh told a press conference, adding that the decision was a "serious" but necessary one.
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