Fed raises interest rates amid inflation

The U.S. Federal Reserve raised interest rates by a quarter of a percentage point for the first time in three years, in a move to combat high inflation. The Federal Committee unanimously voted to increase the rate to a range between 3.75% and 4.00%, with expectations of further hikes before the end of the year, aiming to bring inflation back to the 2% target. Additionally, there were upward revisions to growth and inflation forecasts for this year, amid ongoing economic pressures.

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