US interest rates raised for first time in three years

US interest rates have been raised for the first time in more than three years and could be increased further in a bid to slow rising prices.

Rates were hiked to 3.75%-4% from 3.5%-3.75% by the Federal Reserve in a unanimous decision, despite fierce opposition from President Donald Trump, who had called for rates to be cut.

Fed Chair Kevin Warsh said the move was because "inflation is too high and has been for too long", adding that it was a "sober" and "responsible decision".

After the announcement, Trump expressed support for Warsh but said the Fed board, which votes on rate decisions, was "hostile".