3 takeaways for what the first Fed hike in 3 years means for your wallet

Kevin Warsh is taking a big swing at America’s inflation problem.

Alongside the Federal Open Market Committee, the new central bank chair opted to hike rates by a quarter point on Wednesday. It’s the first time the Fed has increased interest rates since summer 2023, and the first policy change under Warsh’s tenure.

Here are Business Insider’s biggest takeaways, from the hawkish dot plot to Fed independence.

The FOMC is feeling hawkish

The FOMC voted unanimously for a quarter-point hike, a uniform decision after a series of split votes over the past year.

In the committee’s quarterly economic projections, the group said it expects GDP growth to…