The Federal Reserve (Fed) raised its benchmark interest rate by a quarter of a percentage point to a range of 1.75% to 2%, the second hike this year. Besides the rate hike, a majority of policy makers said they now expect a total of four interest rate increases in 2018. This reflects an economy that is getting stronger as unemployment reached 3.8%, the lowest since 2000, and inflation is creeping higher. On this backdrop, the Fed is set to continue to raise rates gradually to keep the economy from overheating.
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