Federal Reserve expected to announce interest rate increase – live

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The Federal Reserve has increased its key interest rate for the first time since 2023, defying demands from Donald Trump for a rate cut. The central bank raised the benchmark federal funds rate by 25 basis points, establishing a new target range of 3.75% to 4%. This decision comes amid persistently high inflation. Kevin Warsh, Donald Trump's pick for Fed chair, was expected to support the hike despite intense pressure from the president to lower rates.
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