For the first time in three years, the Federal Reserve raised interest rates by a quarter point, with Chair Kevin Warsh casting the move as a principled stand against inflation that has outlasted patience and policy alike. The unanimous decision defied political pressure from President Trump and sent a clear signal that institutional credibility, not convenience, would guide the central bank's hand. Asian markets, reading the action as a restoration of trust rather than a threat to growth, rose in early Thursday trading — a reminder that markets often reward resolve more than comfort.