Fed Hikes Interest Rates Another Quarter-Point

The Federal Reserve on Wednesday raised interest rates for the second time in three months, upping the benchmark a quarter-point to a range of 0.75-to-1 percent. The previous hike, in December 2016, raised it to the quarter-point range below that. According to the AP, “The central bank said in a statement that a strengthening job market and rising prices had moved it closer to its targets for employment and inflation.” This also marks the third time in a decade the Fed has raised rates—a sharp turn of events from when it slashed rates to near-zero amid the 2007-2009 Great Recession.