Fed Raises Rates a Quarter Point as Warsh Prioritizes Inflation Fight
The Federal Open Market Committee voted unanimously to raise its key interest rate by 25 basis points, lifting the target range to 3.75%-4%, as Chair Kevin Warsh said inflation had been "too high for too long" despite a strong economy and labor market. The hike — the Fed's first since 2023 — came despite a sustained pressure campaign from President Trump urging cuts, and pushed Treasury yields and mortgage rates higher in the run-up to the decision.
