Fed raises interest rates, expects 2 more hikes this year

Carolyn Kaster/AP

The Federal Reserve on Wednesday announced that it decided to raise interest rates and signaled that it would hike later this year more times than it had expected.

In a two-day meeting, the Federal Open Market Committee (FOMC) voted to lift the target range for the federal funds rate by 25 basis points to 1.75%-2%. And in a few hours, several banks will respond by raising their prime lending rate, the starting point of borrowing costs for nonmortgage loans like credit cards and auto loans.See the rest of the story at Business Insider

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See Also:

• The Fed is about to raise interest rates again — here's how it happens and why it matters
• GOLDMAN SACHS: Investors aren't positioned properly for the Fed's rate decision. Here's a trade to take advantage of their negligence.
• Jerome Powell needs to answer one key question as the Fed prepares to raise rates again

SEE ALSO: Here's how the Fed raises interest rates and why it matters