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. The Fed raised its benchmark interest rate by a quarter point on Wednesday, the first hike since July 2023. The Federal Reserve on Wednesday raised its benchmark interest rates for the first time since 2023, in a move aimed at slowing inflation. It was the first interest rate increase by the central bank since July 2023 and the first rate hike under Fed Chair Kevin Warsh. US Federal Reserve Hikes Interest Rate for First Time Since 2023, Raises Key Rate to 3.9%, Signals Another Hike. The Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly-high inflation. WASHINGTON — Federal Reserve policymakers responded to stubborn inflation by opting to raise their benchmark for short-term interest rates for the first time in three years on Sept. 16, just. The Federal Open Market Committee voted to raise its benchmark interest rate to the range of 3.75% to 4% from 3.5% to 3.75%, the first rate hike since July 2023, as renewed tensions in the Middle. The Federal Reserve on Wednesday approved its first interest rate hike since 2023 and indicated another to come. The US Federal Reserve on Wednesday raised interest rates in the world's largest economy by 25 basis points to tackle stubbornly high inflation. President Donald Trump, meanwhile, has consistently. 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.