Fed Raises Key Interest Rate For 4th Time Since 2015
The quarter-point increase in the Federal Reserve's benchmark rate was widely expected. Rates are still near historic lows, but the increase will mean higher borrowing costs for consumers.
Updated at 3:20 p.m. ET.
Federal Reserve policymakers have raised their target for the benchmark federal funds interest rate by a quarter-point, to a range of 1 percent to 1.25 percent.
Despite the increase — and on Wednesday it signaled plans for one more rate increase this year.
