The Federal Reserve voted to raise the target for its benchmark interest rate by 25 basis points today (September 26), citing the solid economic expansion and low unemployment.
The widely anticipated decision lifted the target range for the federal funds rate to 2–2.25%, its highest setting since 2008. The action follows the decision to keep the rates unchanged in the last monetary policy meeting on August 1. It was the third such hike in 2018.
At its meeting, the Federal Open Markets