US Fed hikes interest rates for first time since 2023

…Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability,” it added. Justifying his decision, Warsh addressed a press conference saying, " The plain fact is that inflation is too high and has been for too long. " “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Today the FOMC decided that this standard has not been satisfied," he added. Further addressing managing…

…that we need to do harm to the labor markets to achieve our objective." As the hike defies Trump's demand to lower the rates, White House senior deputy press secretary Kush Desai called the decision 'unfortunate'. " All higher interest rates will do now is stymie the economic progress that the United States has made under this president and administration ," he said. "It will raise mortgage rates for every American and punish businesses trying to expand and grow and again." "None of that gets the core of the issue here, which are energy prices," he added. Meanwhile, when…