World & National · Business & Economy · North America

Fed raises interest rates, a sign of concern about rising prices: "Inflation is too high"

The Federal Reserve raised interest rates for the first time in three years on Wednesday, a sign of concern about rising prices. Meanwhile, the cost of diesel fuel hit a new record on Wednesday, for the eighth day in a row. Nancy Cordes reports on rising prices and Kelly O'Grady has more details on the Fed's decision.