Fed Increases Interest Rates, Citing Strong Economy
Following a two-day meeting, Jeremy Powell, chairman of the Federal Reserve’s Open Market Committee, announced the central bank is increasing interest rates for the third time this year. The Fed plans to increase them again in December, despite President Trump’s plea to slow down rate hikes. This unanimous decision, which had been widely anticipated, increased rates by 25 basis points, to a range of 2% to 2.25%. It was the eighth time the committee has raised rates since late 2015 and...