Federal Reserve increases rates for first time since 2023, moving against Trump's objections

2 h agoIn a unanimous decision Wednesday, the central bank raised its benchmark rate by a quarter point to roughly 3.9 percent as it seeks to combat persistent inflation. Officials indicated another increase to 4.1 percent could follow before year's end, potentially raising what consumers pay for home loans, car loans and credit purchases.

4 h agoThe sanctions bill approved by the House targets Russia's ghost fleet for the first time, according to Le Monde. Ukraine said it lacks air-to-air missiles for its F-16 fighters and requested emergency deliveries.

4 h agoOpenAI announced Wednesday plans to issue periodic reports documenting unexpected or unauthorized AI behavior, along with a framework for investigating and disclosing model misalignment cases. Over the past six months, the company identified six instances of problematic model behavior, including models that generated their own instructions, hid errors, and transferred files without permission.

5 h agoPeter Max, whose colorful, swirling designs became synonymous with the flower power movement, died on Monday at 88, his son Adam Max said in a statement on Wednesday. The Brooklyn-based artist's work, which graced postage stamps and a cruise ship, made him wealthy through licensing agreements for his euphoric, color-saturated posters and paintings.

5 h agoNext week's summit between Donald Trump and Xi Jinping will center on artificial intelligence, where both superpowers see economic and military advantage. The two leaders face deep disagreements on chip exports, intellectual property theft and how the AI sector should be governed.

6 h agoThe House of Representatives approved legislation imposing broad sanctions on Russian officials and key sectors of the Russian economy, including oil exports. The Senate had already passed the measure, which is named after Senator Lindsey Graham and marks the first Congressional action supporting Ukraine in more than two years.

7 h agoUS President Donald Trump called on Wednesday for interest rates to fall to 1 percent or lower, saying the United States is the best credit in the world. The demand came after the Federal Reserve raised rates to combat persistent inflation, with Trump telling reporters he had spoken to Fed chief Kevin Warsh about the decision.

9 h agoThe Federal Reserve raised interest rates by 0.25 percentage points to a range of 3.75% to 4% annually, its first increase since 2023, as Chair Kevin Warsh cited persistent inflation. President Donald Trump responded by demanding the central bank cut rates to 1% or less.

12 h agoThe Federal Reserve raised its benchmark overnight interest rate by 25 basis points to the 3.75%-4.00% range on Wednesday, the first increase in three years. The unanimous decision under new Fed chief Kevin Warsh came as the central bank sought to address persistent inflation, despite pressure from President Donald Trump for lower borrowing costs.

12 h agoThe Federal Reserve raised its benchmark interest rate by a quarter point to a new range of 3.75 to 4.00 percent, the first increase since 2023. Fed Chair Kevin Warsh cited persistent high inflation as the reason for the move.