The Federal Reserve Raises Interest Rates for First Time Since 2023, Defying Trump The Federal Reserve's decision to raise interest rates for the first time since 2023 has sent shockwaves through financial markets.
Inflationary pressures have been building, with the Consumer Price Index reaching 3. 4% as of August, outpacing average wage growth of 3. 1%.
The recent surge in oil prices, triggered by the ongoing conflict with Iran, has contributed significantly to this trend. Energy costs have risen by over 45% since late February, when the war began.