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Federal Reserve hikes key rate for 1st time in 3 years, defying Trump demands for a cut

Federal Reserve hikes key rate for 1st time in 3 years, defying Trump demands for a cut
Photo: KSAT 12 (ABC affiliate) · view original

The Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly high inflation, and the central bank signaled another rate hike could occur later this year. The quarter-point increase lifts the Fed’s key rate to about 3.9% and, over...

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