FED Orders Interest Rate Hike

WASHINGTON (AP) – The Federal Reserve is raising a key interest rate for the first time in a year, reflecting a resilient U.S. economy and expectations of higher inflation. The move will mean modestly higher rates on some loans. The central bank is increasing its benchmark rate by a quarter-point to a still-low range of 0.5 percent to 0.75 percent. The Fed last raised the rate in Dec. 2015 from a record low near zero set during the 2008 financial crisis.

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