Fed raises rates by 25 basis points in first hike since July 2023

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The Fed has implemented a unanimous 25 basis point interest rate hike, bringing the current range to 3.75% to 4%. This action marks the first rate increase since July 2023. According to the Fed, this decision is necessary because inflation remains elevated. The move is specifically designed to support a more timely return of inflation to the established 2% goal, ensuring economic stability as the central bank addresses ongoing inflationary pressures across the market.
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