The Fed raises interest rates. And, EU proposes Canada become an 'associate member'

Fed Raises Interest Rates, Iran War and Oil Prices, EU-Canada Alliance Good morning. You're reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day. Today's top stories The Federal Reserve unanimously voted to raise interest rates yesterday for the first time in more than three years, increasing the benchmark rate by a quarter percentage point to a range of 3.75% to 4%. The hike makes it more expensive to borrow money, grow a business or carry a credit card balance. Inflation has risen amid the war in Iran, driving up the price of gasoline and diesel fuel. While higher interest rates won't immediately lower prices, they demonstrate the Fed's commitment to restoring price stability, despite repeated pressure from President Trump to lower interest rates. Federal Reserve Chair Kevin Warsh speaks during a news conference at Federal Reserve Headquarters on July 29, 2026 in Washington, D.C. Win McNamee/Getty Images hide caption toggle caption Win McNamee/Getty Images 🎧 Trump's demands for lower rates came up frequently during Fed Chair Kevin Warsh's press conference yesterday, NPR's ...