Fed raises rates 25bps to 3.75%-4.0%, first since July 2023

The U.S. Federal Reserve raised its benchmark fed funds rate by 25 basis points, a widely expected move that puts the target range at 3.75%-4.0%. It marks the Fed's first hike since July 2023, following the earlier easing cycle.

• The decision signals a shift in Fed policy as it responds to the latest inflation picture.
• No language was included in the brief announcement on forward guidance.