Fed raises benchmark rate to 3.75%-4.00% in first Warsh hike

The Federal Reserve raised its benchmark rate, the guide for borrowing costs, to 3.75%-4.00%, Reuters reported Sept. 16. It is the first increase under Kevin Warsh. Mortgages, credit cards and business loans usually get pricier, while savers may earn more. Whether lasting price rises stay stuck will shape talk of further hikes.