The Federal Reserve voted Wednesday to raise its interest rate target, the first time the central bank has raised rates under new Chairman Kevin Warsh and a move that risks drawing the ire of President Donald Trump.

After a two-day meeting in Washington, the Fed’s monetary policy committee announced it would raise its rate target by 0.25 percentage points to a range of 3.75% to 4.00%. Investors had largely expected that outcome because inflation has been high, driven in part by higher energy costs stemming from the Iran war.

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