World
US interest rates raised for first time in three years
Rates were hiked in a unanimous decision despite fierce opposition from President Donald Trump, who had called for a cut.
BBC World•
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.
Rates were hiked to 3.75%-4% from 3.5%-3.75% by the Federal Reserve in a unanimous decision despite fierce opposition from President Donald Trump, who had called for rates to be cut.
Fed Chair Kevin Warsh said the move was because "inflation is too high and has been for too long", adding that it was a "sober" and "responsible decision".
The Federal Reserve is independent of the government, but has faced sharp criticism from Trump over its decisions on rates in recent years.