The Federal Reserve raised interest rates for the first time in over three years, supported by all 12 voting members, to contain inflation. "The plain fact is that inflation is too high and has been for too long," said Fed chairman Kevin Warsh. The decision puts Warsh at odds with President Trump, who picked him earlier this year. After the Fed announced raising its benchmark rate to 3.75 to 4 percent, Trump called for cuts to 1 percent: "LOWER THE INTEREST RATES," he posted. A majority of Fed officials expect at least one more hike this year. For consumers, short-term borrowing like credit cards and personal loans will get more expensive, while mortgages are indirectly affected.

Saudi Arabia is scrambling to restore oil supply after a critical pipeline was damaged in an attack. Officials said they came under attack from the Iran-backed Houthi militia, which has gained a chokehold on a key Saudi export route. An extended disruption could cause a severe global energy crisis.

The European Union invited Canada to work toward becoming its first "associate member," a move met with a standing ovation from European lawmakers. The title underscores growing closeness as relations with the U.S. have deteriorated.

The Senate agreed to open debate on a bill limiting college athletes' ability to transfer and setting new pay rules. Backers like Senator Ted Cruz say it restores stability; critics argue it limits financial rewards. The Athletic found top college football teams spend around $50 million per year on players.