From Dailymail · · 1m 10s
Fed hikes rates for first time in three years
US central bank raises rates as inflation fears grow.
In brief
US central bank raises rates as inflation fears grow. Federal Reserve increased interest rates by 0.25 percentage points to combat persistent inflation, warning of further hikes. Originally reported by Dailymail.
Fed rate decision
Federal Reserve raised interest rates for first time in nearly three years.
Rate increase details
Federal funds rate set at 3.75 percent to 4.00 percent.
Market expectations
Wall Street traders predicted 95 percent chance of rate hike.
Unanimous decision
Fed chair and committee members agreed on rate hike.
Trump's stance
Trump demands rate cuts but Fed promises independence.
Inflation trends
Consumer inflation at 3.4 percent, wholesale at 5.4 percent.
Oil prices impact
Crude oil prices climb above $100 for first time since May.
Fed chair's warning
Inflation too high and too long.
“The plain fact is that inflation is too high and has been for too long”
Gas prices rise
Gasoline prices average $4.37 per gallon.
Future hikes likely
16 out of 18 Fed officials expect at least one more hike this year.
What it means
Federal Reserve increased interest rates by 0.25 percentage points to combat persistent inflation, warning of further hikes.
