The Federal Open Market Committee raised target interest rates for the first time in a year and just the second in a decade. The unanimously decided quarter-point increase raises the target range of the federal funds rate to 50 to 75 basis points.
In updated economic forecasts released alongside the rate decision, the Fed raised its 2017 median federal funds rate projection to 1.4 percent, suggesting three rate hikes next year. The FOMC’s next meeting is Jan. 31-Feb. 1.