Interest Rates Are Going Up
The Federal Reserve said it would raise short-term interest rates by another quarter-percentage point, and officials signaled they want to continue lifting them through the next year to keep a strong economy on an even keel.
Officials voted unanimously on the increase, which will bring the benchmark federal-funds rate to a range between 2% and 2.25%. Most officials expect to raise rates one more time this year, according to projections released after the meeting.
The increase is the third this year and the eighth since the Fed began to lift rates in late 2015 after keeping them pinned near zero after the 2008 financial crisis.