Federal Reserve Increases Interest Rates for First Time in Three Years

Why it matters locally: The Federal Reserve's decision to raise interest rates will likely impact Kansas consumers through higher borrowing costs for mortgages, car loans, and credit cards. Businesses across the state, particularly in sectors reliant on borrowing for expansion, may also face increased financing expenses.

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The United States Federal Reserve implemented an increase in its benchmark interest rate today. This marks the first time the central bank has adjusted rates upward in three years. The Federal Reserve's board arrived at this decision unanimously. The action occurred despite previous public statements from President Donald Trump, who had advocated for a reduction in interest rates.