Fed raises US interest rates by 0.25%

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The Federal Reserve has raised rates for the first time since 2023 the bank focuses on inflation fight. Chair Kevin Warsh defied Donald Trump’s calls for lower borrowing costs. 2026 summer wheat exports from Russia and Ukraine will be 60% lower than pre-war average. Attacks on ports and shipping are to blame. Experts tell World Business Report that global wheat prices are likely to rise. One of Ed Sheeran's support acts has been dropped by his US concert promoter for his views on Palestine. World Business Report looks at the financial fall-out.