The Federal Reserve raised interest rates in September as expected after leaving them unchanged at its July meeting. Chairman Wosh said three developments had altered the central bank’s economic assessment: data released in recent weeks showed the U.S. economy, particularly the labor market, remained strong; inflation stayed elevated throughout the summer and well above the Federal Reserve’s 2% year-over-year target; and geopolitical factors changed the outlook. Wosh did not directly refer to the Iran-U.S. war in the Middle East, but said all three factors contributed to the central bank’s firm and unanimous decision.