Federal Reserve Chair Kevin Warsh announced a quarter-point benchmark interest rate hike to about 3.9% on Wednesday to combat persistent inflation. The increase marks the Fed's first hike since 2023 and could lead to higher borrowing costs for mortgages and auto loans. The decision comes just seven weeks before the midterm elections as Americans continue to struggle with high living costs.
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Federal Reserve Chair Kevin Warsh announced a quarter-point benchmark interest rate hike to about 3.9% on Wednesday to combat persistent inflation. The increase marks the Fed's first hike since 2023 and could lead to higher borrowing costs for mortgages and auto loans. The decision comes just seven weeks before the midterm elections as Americans continue to struggle with high living costs. Subscribe: http://smarturl.it/AssociatedPress Read more: https://apnews.com This video may be available for archive licensing via https://newsroom.ap.org/home