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The Fed raised rates Wednesday in its first meeting under Chairman Jerome Powell. The central bank’s decision was a response to a stronger economic outlook, very low unemployment and rising wages.

 “The economic outlook has strengthened in recent months,” the Fed said in a statement following its two-day Federal Open Market Committee meeting. “Job gains have been strong in recent months, and the unemployment rate has stayed low.”

The Fed raised the federal funds rate to a range of 1.5% to 1.75%, an increase of a quarter of a percentage point. Recent comments by top Fed officials about the country’s bright economic outlook had raised investor expectations that the Fed would accelerate rate increases to keep the economy from overheating.

Source: Fed raises interest rates in Powell’s debut – Mar. 21, 2018

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