US Fed Hikes Rates To Tackle Inflation, Trump Slams Move As "Hostile"

The US Federal Reserve on Wednesday raised interest rates for the first time since 2023, defying President Donald Trump's demand for cuts, as central bank chief Kevin Warsh stressed the need to combat inflation that has been "too high" for "too long."The Fed's Federal Open Market Committee voted unanimously to raise rates by 25 basis points to between 3.75 and 4.00 percent."The plain fact is that inflation is too high, and has been for too long," Warsh told a press conference, adding that the decision was a "serious" but necessary one.And Wednesday's rate hike may not be the last -- the vast majority of Fed policymakers indicated that at least one more rate hike was likely necessary before the end of the year, according to their Summary of Economic Projections (SEP).US households and businesses have been battered by years of higher-than-target inflation, and prices have surged in the wake of…