Federal Reserve unanimously raises US interest rates for first time in three years
What happened
The Federal Open Market Committee unanimously raised US interest rates following its September 15-16 meeting, marking the central bank's first rate hike in three years. Alongside the rate decision, the Federal Reserve Board and FOMC released updated economic projections and an official monetary policy statement.
Why it matters
The unanimous vote underscores consensus among committee members despite political pressure from President Donald Trump, who strongly opposed a rate hike and urged the central bank to cut rates instead.
Bigger picture
The rate decision marks a formal shift toward monetary policy tightening as the central bank updates its macroeconomic outlook, ending a multi-year period without rate increases.
Watch next
Watch for upcoming statements from Federal Reserve officials regarding future rate trajectories, as well as any official responses from the Trump administration.