Federal Reserve raises interest rates

Unanimous vote increases interest rates by a quarter of a percentage point

The Federal Reserve voted unanimously to increase interest rates by a quarter of a percentage point to a range between 2 and 2.25 percent. The Fed is expected to raise rates again in December. 

Economic Outlook: The Fed sees the economy growing faster than 3.1 percent this year and continuing to expand moderately for at least three more years. With low unemployment and stable inflation, the central bank’s confidence in the economy continues to grow. 

What comes next… Members of the Fed’s policymaking committee predicted five additional rate hikes by the end of 2020.