Fed hikes rates for first time since July

The U.S. Federal Reserve announced its first interest rate hike in over three years, increasing the rate by a quarter of a percentage point to a target range of 3.75% to 4%. This decision comes as part of efforts to combat inflation, which has exceeded 2% for some time, and as the economy has been affected by tensions in the Middle East and the war with Iran, leading to disruptions in energy prices. Additionally, there are concerns about the impacts of expanding artificial intelligence technologies. The move aims to curb persistent inflation and reflects a tightening of the central bank's policy under the new president, Kevin Warsh, amidst a standoff with the previous Trump administration, which had pushed for lower interest rates.

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