GoKawiilFed Lifts Benchmark Rate to 3.75-4% in First Hike Since 2023
The Federal Open Market Committee voted unanimously to raise interest rates by a quarter point, marking the Fed's first increase since July 2023 and pushing its benchmark rate to a range of 3.75 to 4 percent. Chair Kevin Warsh cited persistently high inflation as the reason for the move. The change will ripple differently across consumer debt, from mortgages to car loans to credit cards.