Federal Reserve expected to announce interest rate increase – live

The Federal Reserve has increased its key interest rate for the first time in three years, marking the first policy shift under the new Fed chief. Despite intense pressure and demands for cuts from Donald Trump, the central bank acted to combat inflation driven by energy price spikes. While the jobs market remains robust, estimates from Brown University suggest Americans spent over $100bn extra on fuel during Trump’s war on Iran, necessitating this rate hike.