EconomyUS Federal Reserve raises interest rates for first time in three years

The US Federal Reserve has raised interest rates for the first time in more than three years as it seeks to curb inflation. Its policy committee approved a 25-basis-point increase, lifting the benchmark rate to 3.75%. The Fed said the move should help bring inflation toward its 2% target, while Chairman Kevin Warsh said the economy has remained largely resilient despite global uncertainties.