Fed jolts markets with a unanimous rate hike as gas prices climb and inflation stays high

About six weeks ago, Federal Reserve Chairman Kevin Warsh announced that a divided central bank was keeping its key interest rate unchanged. On Wednesday, the Fed’s rate-setting committee unanimously agreed to a rate hike, and nearly all policymakers signaled that a second increase later this year would likely be appropriate. So what changed since late July? And how will it affect you?

Read the original report at Apnews.