Why the Fed hiked interest rates this month
The Federal Reserve implemented its first interest rate hike since 2023 on Wednesday, raising the target range by 0.25 percentage points. This increase brings the federal funds rate to between 3.75% and 4%. The decision marks a significant shift in the central bank's monetary policy strategy.
The Federal Reserve changed course and raised interest rates Wednesday for the first time since 2023. The rate hike will be an increase of 0.25 percentage points, bringing its target range to between 3.75% and 4%. Greg Robb, MarketWatch senior reporter and economics editor, joins CBS News with more.
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