On September 16 local time, the US Federal Reserve raised its benchmark federal funds rate by 25 basis points to a target range of 3.75%-4.00%. This is its first rate increase since July 2023, passed unanimously by committee members. The move comes as inflation falls slower than expected and oil prices climb. The dot plot signals one more possible hike within this year. Higher rates lift global borrowing costs, affecting international trade, ocean freight and commodity prices.