Economy
US Federal Reserve raises benchmark interest rate by 25 basis points
The Indian Express4h
THE BRIEF
1
The US Federal Reserve raised its benchmark interest rate by 25 basis points to about 3.9% in an effort to address high inflation.
2
The quarter-point increase marks the first rate hike since 2023 and could lead to higher borrowing costs for mortgages, auto loans, and credit cards over time.
3
The monetary policy decision arrives as Americans face high costs for everyday essentials ahead of the upcoming midterm elections.