The Federal Reserve increased its key interest rate by 0.25% on Wednesday. It signified the Fed’s confidence in the improving U.S. economy. Rising rates will affect millions of Americans, including home buyers, savers and investors.
Fed officials raised rates by 0.25 percentage points to a range of 0.50% and 0.75%.
It was just the second time in a decade that the Fed has raised rates. The first was in December 2015.
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