US Federal Reserve Raises Key Interest Rate By Quarter Point

As expected, the United States Federal Reserve raised interest rates on Wednesday afternoon and signaled rates could continue to rise next year more quickly than officials had previously expected, The Washington Post reported. The increase was unanimous and modest, raising the Fed’s key interest rate by a quarter point, from a range of 0.25 to 0.5 percent to a range of 0.5 to 0.75 percent. It reflects Fed officials' confidence in the strengthening of the U.S. economy and what officials see as budding signs of higher inflation. The decision to raise rates for the first time in a year came “In view of realized and expected labor market conditions and inflation,” members of the Federal Open...