Examining the Fed's reasons for raising interest rates after 3 years
Summary
The Federal Reserve raised interest rates by 0.25% on Wednesday. This was the first time it increased rates since 2023.Key Facts
- The Federal Reserve raised interest rates by one-quarter of a percentage point (0.25%).
- This is the first rate increase after a pause since 2023.
- The Federal Reserve controls interest rates to manage the economy.
- Raising rates generally makes borrowing more expensive.
- The move signals concerns about inflation or economic changes.
- Higher interest rates can slow down spending and investment.
- The news was reported by CBS News correspondents Kelly O'Grady and Nancy Cordes.
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