- The Federal Reserve announced Wednesday that it raised its benchmark interest rate by 25 basis points, to a range of 1.50% to 1.75%.
- Over the next few weeks, this increase will affect credit cards, adjustable-rate mortgages, car loans, and other credit lines that don’t have fixed rates.
- The Fed still expects to hike rates three times this year, but raised its projections for 2019 and 2020, citing a solid economic outlook.