Federal Reserve raises interest rates 25 basis points amid persistent inflation
The Federal Reserve has raised its benchmark interest rate by 25 basis points to 3.75%–4%, marking its first-rate hike since July 2023. The decision comes as US inflation remains above the Fed's 2% target and despite President Donald Trump's calls for lower rates. JPMorgan, KeyCorp and BNY have also raised their prime rates, potentially increasing borrowing costs for Americans.
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