00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Federal Reserve raised interest rates by a quarter percentage point Wednesday
00:05to a range of 3.75% to 4.00% as inflation remained elevated, according to Reuters.
00:13The unanimous decision marked the first policy shift under Fed Chair Kevin Warsh.
00:17New projections showed 16 of 18 policymakers expect at least one more quarter point increase
00:21by the end of the year, bringing rates to 4.00% to 4.25%.
00:27The Fed raised its year-end inflation forecast to 3.7% from 3.6% in June
00:33and now expects inflation to return to its 2% target in 2029.
00:38Warsh said the rate increase would support a timelier return to the Fed's inflation goal.
00:42For all things money, visit Benzinga.com.
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