Updated at 2:21 p.m. ET The Federal Reserve increased a key interest rate again Wednesday, which will trigger higher rates on credit cards, home equity lines and other kinds of borrowing. Wednesday's action, which was widely expected, was the second Fed rate hike this year — and the seventh since it began boosting them in 2015. The latest increase puts the federal funds rate in a range between 1.75 and 2 percent. The Fed previously nudged rates up in March. The Fed also signaled that it will raise rates more this year than previously expected — four times rather than three. With the unemployment rate at 3.8 percent — a level reached only twice before in the past half-century — Fed Chairman Jerome Powell and his colleagues have decided additional rate...
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Fed Raises Interest Rates, Signals 2 More Hikes This Year