Federal Reserve hikes key rate for 1st time in 3 years, defying Trump's demands for a cut
The Federal Reserve raised its benchmark interest rate for the first time in three years to combat high inflation. The decision comes despite public calls for a rate cut from the White House. This marks the first rate increase since 2023.
The Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly-high inflation, a move that could spur a sharp response from the White House.
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