US Fed raises interest rates for first time in three years

The 25 basis-point hike is the first raise in three years and comes before critical midterm elections in the US.

The United States Federal Reserve has said it will raise interest rates by a quarter of a percentage point as inflation, driven by soaring fuel prices amid the US-Iran war, continues to weigh on the economy.

The Fed, which is the central bank of the US, said on Wednesday that it will hike interest rates by 25 basis points to 3.75 percent to 4 percent.

Al Jazeera English · 17 Sept, 1:06

Economy, business and finance

US Fed raises interest rates for first time in three years

The 25 basis-point hike is the first raise in three years and comes before critical midterm elections in the US.

The Fed, which is the central bank of the US, said on Wednesday that it will hike interest rates by 25 basis points to 3.75 percent to 4 percent.