Why the Fed hiked interest rates this month

The Federal Reserve changed course and raised interest rates Wednesday for the first time since 2023. The rate hike will be an increase of 0.25 percentage points, bringing its target range to between 3.75% and 4%. Greg Robb, MarketWatch senior reporter and economics editor, joins CBS News with more.

The Federal Reserve changed course and raised interest rates Wednesday for the first time since 2023. The rate hike will be an increase of 0.25 percentage points, bringing its target range to between 3.75% and 4%. Greg Robb, MarketWatch senior reporter and economics editor, joins CBS News with more.