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Federal Reserve raises rates for first time since 2023

  • Federal Reserve raised interest rates Wednesday.
  • The increase was the first since 2023.
  • Federal Reserve rate decisions are one factor banks use to set loan rates.

The Federal Reserve raised interest rates Wednesday for the first time since 2023. The increase does not mean mortgage rates or car-loan rates will immediately surge, because banks use multiple factors when setting borrowing costs. Federal Reserve rate cuts are also one piece of that process and could contribute to interest rates gradually rising over time.

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Federal Reserve raises rates for first time since 2023 - CoinPost Terminal