US central bank raises key borrowing cost for first time under Warsh

The Federal Reserve, America’s central bank, raised its key rate to 3.75%-4.00%, Reuters reported Sept. 16. It is the first rise under chief Kevin Warsh. Think of it as the floor for borrowing: mortgages, credit cards and business loans usually cost more, but savings may pay more. Lasting price rises staying stuck will shape talk of more rises.