WASHINGTON — The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage point to a range of 3.75% to 4.00%.
The Fed said the decision was unanimous, following a two-day Federal Open Market Committee meeting in Washington that ended on the 16th. It was the first rate increase since July 2023, a gap of three years and two months. The central bank cut rates at three consecutive meetings from September to December last year, then left them unchanged five times this year.
Original reporting by Yoon Kyung-hwan for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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