Federal Reserve Approves Second Rate Hike This Year

(From NBC News)

The Federal Reserve approved another rate hike on Wednesday, bumping up the nation’s benchmark interest rate by one-quarter of a point. It’s the second time Fed Chairman Jerome Powell has raised rates since he took over the nation’s central bank in February.

The increase, announced at the conclusion of the Federal Open Market Committee’s two-day monetary policy meeting, continues the Fed’s cautious approach to steering the economy away from potential inflation while balancing a number of newer geopolitical risks that could threaten America’s nine-year growth streak.

The new short-term interest rate now sits at a range of 1.75 percent to 2 percent.

The Fed also released its economic outlook for the year, including the famous “dot plot” that lays out the projected path for rate hikes as estimated by all 15 voting Fed members.

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