US Federal Reserve raises interest rates for first time in 3 years, risking Trump’s ire

The move was made to battle high inflation but is sure to anger the US president

The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, its first hike in three years as the central bank battles high inflation with a move sure to anger US President Donald Trump.

The Fed’s Federal Open Market Committee voted unanimously to raise rates to between 3.75 per cent and 4.00 per cent, citing “elevated” inflation. It added that the rate hike would support a “timelier return” to its 2 per cent target for the metric.