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The Federal Reserve raised its benchmark interest rate by a quarter-point to a range of 3.75% to 4%, marking the central bank's first increase in three years.
Fed chair Kevin Warsh, who assumed the post in May, cited persistent inflation as the primary driver for the move, stating that price pressures have remained elevated for too long.
This decision follows Warsh's choice to hold rates steady during the June and July policy meetings.
The rate adjustment is designed to curb rising inflation across the economy by encouraging households to save rather than spend.
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