US Federal Reserve raises interest rates as inflation stays high

US central bank officials have raised interest rates once again, signaling that the economy has entered a new phase of faster growth and persistent price rises. This move marks the official end of the long-running era of very low borrowing costs. Financial experts note that home sellers may now need to lower their price expectations and take a financial hit as mortgage rates climb. Meanwhile, Federal Reserve officials have kept the door open for even more rate increases in the near future. Kansas City Federal Reserve Bank leader Jeff Schmid stated that central bank policy makers still have significant work to do to bring price levels completely under control.