The Federal Reserve hiked interest rates for the first time in over three years as it tries to tame inflation.

The central bank raised its benchmark federal funds rate to between 3.75% and 4%, its first increase since July 2023, as higher oil and gas prices create additional inflationary pressure. The move is likely to push up borrowing costs for consumers, including the annual percentage rates on credit cards. Their unanimous decision also runs counter to President Donald Trump’s wishes.

“Chair Kevin Warsh and the committee are sending a clear message that the Fed will not tolerate inflation drifting further above target, even in the face of political pressure from the White House,” said Brian Rehling of the Wells Fargo Investment Institute in emailed comments.

This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.

Mark Zuckerberg, Elon Musk and Jensen Huang reportedly convinced President Donald Trump to block creation of an AI regulatory body, over their concerns it would give more power to OpenAI, Anthropic and Google.

Shares of Robinhood plunged by more than 5% after two of its employees were charged with fraudulent crypto trading, amid a turbulent year for the trading platform’s stock.

Dave Gilboa, co-founder and co-CEO of Warby Parker, helped build the eyewear company into the $3 billion (market cap) behemoth it is today, but he tells Forbes there have been plenty of ups and downs along the way. Gilboa says it’s critical to be honest with customers when you make a........

© Forbes