Fed Raises Rates for First Time Since 2023, Official Warsh Says Inflation Still Too High

The Federal Reserve raised its benchmark interest rate by a quarter percentage point on Tuesday, marking the central bank's first rate increase since 2023, according to a CNBC report on the Fed's policy meeting.

The move signals a shift in the Fed's approach after a period without rate hikes, the report said, though specific details on the new target range and the vote count were not included in the available reporting.

Kevin Warsh, commenting on the decision, said inflation remains too high, according to CNBC. The report did not provide additional context on Warsh's remarks, including his current role or further elaboration on his assessment of price trends.

CNBC's coverage, part of its live updates on the Fed meeting, did not detail the central bank's broader economic outlook, future rate guidance, or reaction from markets following the announcement.

Further details on the Federal Reserve's rationale for the hike and its implications for borrowing costs were not available in the source material reviewed.