Inflation rises to 3.7%, Fed hikes rates for first time in three years

• Inflation increased to 3.7% last month, indicating elevated prices.
• Fed Chairman Kevin Warsh stated that inflation is not decreasing quickly enough.
• The Federal Reserve raised interest rates to 3.9%, the first hike in three years.
• Kevin Warsh is looking to revamp the central bank’s communication strategy.
• The dot plot, a tool used to forecast interest rates, may be subject to change.