Fed Hikes Rates, Points to 2 More Increases by Year's End - NBC 10 Philadelphia
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Fed Hikes Rates, Points to 2 More Increases by Year's End

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    NEWSLETTERS

    Fed Hikes Rates, Points to 2 More Increases by Year's End
    AP
    FILE - In this April 6, 2018, file photo, Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Chicago.

    The Federal Reserve hiked its benchmark short-term interest rate a quarter percentage point Wednesday and indicated that two more increases are likely in store ahead, CNBC reported.

    The move pushes the funds rate target to 1.75 percent to 2 percent. The rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate instruments.

    In an unusually terse statement that ran just 320 words, the Federal Open Market Committee changed multiple phrases from its previous missives, pointing to a more optimistic view on economic growth and higher inflation expectations.