US stocks fluctuated higher on Wednesday after the Federal Reserve raised its key interest rate for the first time in more than three years.
The Fed said the unanimous decision was aimed at tackling persistent inflation, which has been fueled by rising crude oil prices during the U.S.-Israeli conflict with Iran.
The central bank indicated that further rate increases were likely as it seeks to bring inflation down more quickly.
U.S. President Donald Trump criticized the move on social media, saying interest rates should be 1 percent or lower.
“LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” Trump wrote on Truth Social.
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