United States interest rates have been increased for the first time in three years. The decision to raise rates was reached through a unanimous vote.
The move to hike rates occurred despite opposition from President Donald Trump. The President had previously called for a cut to interest rates.
The decision marks a shift in monetary policy after a three-year period without such an increase. The unanimous nature of the vote indicates agreement among those responsible for the policy change.
The action stands in contrast to the public position held by President Donald Trump. The administration had expressed a preference for a reduction in rates rather than an increase.
