The Federal Reserve raised interest rates for the first time in more than three years Wednesday.

NPR's A Martinez speaks with economist Claudia Sahm about why the Federal Reserve chose to raise interest rates after months of keeping them steady.

The Federal Reserve's decision to raise interest rates has broader political and economic implications, with affordability top of mind for voters ahead of the midterms.

The Federal Reserve raised interest rates today Wednesday the first time in more than three years. The central bank is trying to curb stubborn inflation, which was rekindled by the war with Iran.

A report from the Congressional Budget Office says the war has cost taxpayers more than $38 billion.

Tik Root, a senior staff writer at Grist, reports that since February and the start of the war on Iran, soaring diesel prices have cost U.S. consumers an additional $46 billion, or about $350 per household.

Prices have continued to rise across the economy, and the war in Iran is raising inflation. Investors expect interest rates to be hiked by a quarter point.

Inflation, gasoline prices and the cost of living are top of mind in the election season. How are higher costs shaping the way you live? NPR wants to hear.

Mark Zandi, chief economist with Moody's Analytics, talks about the Federal Reserve's expected decision to raise interest rates and the implications of that move.

The Federal Reserve raised its benchmark interest rate Wednesday to combat stubborn inflation. That will make it more expensive to borrow money to buy a car or carry a balance on a credit card.