> Fed decides UNANIMOUSLY to hike rates by a quarter point

WASHINGTON—The Federal Reserve raised interest rates Wednesday for the first time in three years, a sharp reversal that began taking back cuts it made last year and implicitly undercut the White House’s insistence that inflation isn’t a concern.

The increase, approved unanimously, will raise the benchmark federal-funds rate range by a quarter point to between 3.75% and 4%. The vast majority of officials penciled in one more hike this year in interest-rate projections released after their meeting.

“It’s the fact that the war in Iran has re-intensified and the energy price shock is getting bigger again,” said William Dudley, the former New York Fed president.

The 30-year mortgage rate climbed to nearly 7% last week, the highest in nearly a year, according to a survey by the Mortgage Bankers Association released Wednesday.

https://www.wsj.com/economy/central-ban … rs-08539fb


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