A recent meeting of Federal Reserve officials resulted in a unanimous decision to raise interest rates. The benchmark rate was lifted by a quarter point. Officials cited inflation as the primary factor behind this move. Estimates suggest prices increased by 3.8% in August compared to the previous year.

Most participants in the meeting believed another rate increase would be necessary before the year ends. However, they also emphasized that future decisions would be based on incoming data. The support for the rate hike was widespread, with all meeting participants backing the decision.

Further details about the meeting and the Federal Reserve's decision-making process are available from the source.