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Finally, Fed Raises Interest Rates
The Federal Reserve increased its key interest rate by 0.25% on Wednesday, signifying its confidence in the improving U.S. economy. It was just the 2nd time in a decade that the Fed has raised rates. The first was in December 2015. Fed officials raised its target for short-term interest rates by 0.25 percentage points to a range of 0.50% and 0.75%.
The rate increase indicates that the U.S. economy no longer needs the Fed's crutches and consumers and businesses can afford to pay more to borrow. America has added jobs for 74 consecutive months and the country's unemployment rate has fallen to 4.6%, its lowest level since 2007. The U.S. economy has expanded for 7 years, even though the pace of growth has been slow.
Wednesday's move could be the first of more - and the Fed hinted that it could raise rates at a faster pace next year. Most Fed officials now project 3 or more rate hikes in 2017.
The Fed also released a new forecast Wednesday, projecting U.S. economic growth this year to be 1.9% and next year to be 2.1%, both slightly better than the Fed's previous projection in September.
