The Federal Reserve raises rates by 0.25%, the first time since 2018

For the first time since 2018, with 8 votes to 1, the Fed, the American Central Bank, has raised rates by 25 basis points, taking them from 0.25% to 0.50%. “Russia’s invasion of Ukraine is causing enormous human and economic hardship,” the Fed said at the end of the board meeting, anticipating that “further rate hikes will be needed.”