The US central bank has raised interest rates for the first time in three years as inflation rises, driven by higher fuel and energy costs caused by the Iran War.
President Trump hit out at the decision by the US Federal Reserve, calling on it to “lower rates, and fast!”.
The Fed is seeking to curb rising prices, as the Iran War pushes up global oil and gas prices, hitting American business and consumers. Higher interest rates make borrowing more expensive for business as well as people with loans, mortgages and credit cards.
Global oil prices have surged since the start of the US-Israel war with Iran, driving up the price of car fuel as well as the cost of goods and services generally. Borrowing costs are rising around the world, with growing warnings of the economic impact on living standards.
Sophie Raworth presents BBC News at Ten reporting by Dharshini David, Sarah Smith and Chris Mason.
Subscribe to our channel here: https://bbc.in/bbcnews
For the latest news download the BBC News app or visit BBC.com/news
#BBCNews
