Fed raises rates to 3.75%-4.00% in first hike under Warsh

The Federal Reserve lifted its benchmark rate to 3.75%-4.00%, Reuters reported Sept. 16. The September increase was the first under Chairman Kevin Warsh. A higher benchmark usually pushes up mortgages, credit cards and business loans, while savers may earn more on deposits. I’d watch whether underlying inflation stays stuck before assuming more hikes are priced in.