The Federal Reserve raised its benchmark interest rate by a quarter percentage point on Wednesday, the first increase since July 2023, with Fed Chair Kevin Warsh saying inflation has been too. Fed rate hike likely means more expensive credit cards and mortgages, but savers may rejoice 0 seconds of 55 seconds Volume 0% 1 of 2 | The Federal Reserve raised its benchmark interest rate by a quarter-point to about 3.9% on Wednesday, marking its first hike since 2023 in an effort to combat stubbornly high inflation. The Federal Reserve raised its key interest rate for the first time in three years amid persistent inflation caused in part by high energy prices. Fed Raises Interest Rates in Push for ‘Timelier’ Retreat in Inflation The Federal Reserve raised interest rates for the first time since 2023, putting its new leader, Kevin Warsh, at odds with. The U.S. 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 signalled another rate. The Federal Reserve has increased the Federal Funds rate once again. This move is likely to continue pushing interest rates higher for mortgages, personal loans, credit cards, and savings. Donald Trump lashed out at the Federal Reserve after it defied his persistent calls for lower interest rates and instead raised its key interest rate on Wednesday for the first time since 2023, in. Watch: Why has the Federal Reserve raised interest rates? US interest rates have been raised for the first time in more than three years and could be increased further in a bid to slow rising prices. The Fed typically raises rates to tame inflation by making borrowing more expensive, which can lead to less demand and eventually lower prices. The US Federal Reserve voted to raise interest rates on Wednesday for the first time since 2023 as the central bank continues to fight to tamp down inflation.