Warsh Raises Rates for First Time Since 2023 as Iran War Drives Inflation to 3.7%

The Federal Reserve raised interest rates Wednesday for the first time since 2023, lifting the benchmark to 3.75–4.00 percent as Iran war-driven oil costs push annual inflation to 3.4 percent. Emerging economies that had no vote in creating American inflation will bear the largest share of the collateral cost.