Fed hikes rates 25bp to 3.75-4% range in first increase since 2023

Federal Reserve raised key rate by 25bp, first hike in over three years, targeting inflation driven by oil shocks. FOMC voted 12-0; another hike signaled ahead. Bond market reaction contained; 30-year Treasury yield fell slightly. Borrowing costs for consumers and businesses now rising.

Fed hikes rates 25bp to 3.75-4% range in first increase since 2023

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