US interest rates raised for first time in three years

The US Federal Reserve has raised interest rates for the first time in three years, increasing the benchmark interest rate by 0.25% to 1.5-1.75%. This decision was made by the Federal Open Market Committee (FOMC) in a bid to combat rising inflation. The rate hike will affect the cost of borrowing for consumers and businesses, but the impact on the overall economy is expected to be minimal. The Fed has been monitoring inflation rates, which have risen to 2.1% in the past year, and has taken measures to control it.