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Federal Reserve bumps up interest rate, signals two more hikes likely in 2018

Washington Post
Federal Reserve bumps up interest rate, signals two more hikes likely in 2018

The Federal Reserve hiked America's benchmark interest rate a quarter point on Wednesday to 1.75 to 2 percent, a move that will likely cause a slight increase in mortgage, credit card, auto and small-business loan rates. This hike, which was widely expected, is the Fed's second of 2018, and the central bank signaled it is likely to do two more increases by the end of this year. The U.S. economy is in "great shape," the Fed indicated, and it no longer needs the historically low interest rates that were put in place in the aftermath of the financial crisis to stimulate growth. Most people who want to find jobs are finding them, and unemployment and inflation are low,” said Fed Chairman Jerome H. Powell in a press conference after the announcement.