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Fed hikes interest rates to curb inflation
The U.S. Federal Reserve raised interest rates for the first time in over three years by a quarter of a percentage point, bringing the rate to a range between 3.75% and 4%. The move aims to combat rising inflation resulting from tensions in the Middle East and increasing energy prices, as well as concerns over the potential impact of expanding artificial intelligence on prices. This decision marks a significant first step under the leadership of the new Fed Chair Kevin Warch, differing from the policies of former President Donald Trump, who had pushed for lower rates. The increase is intended to curb the escalating inflation amidst market disruptions and energy market volatility.
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