Fed raises interest rate


National News

June 13, 2018 - 11:00 PM

WASHINGTON (AP) — The Federal Reserve is raising its benchmark interest rate for the second time this year and signaling it may step up its pace of rate increases because of economic growth and inflation.

The Fed foresees four rate hikes this year, up from the three it had previously forecast.

The central bank is raising its key short-term rate by a modest quarter-point to a still-low range of 1.75 percent to 2 percent. The move reflects the economy’s resilience, the job market’s strength and inflation that’s finally nearing the Fed’s target level.

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