Federal Reserve raises benchmark interest rate by 0.25%

Source: CBS News

“The Federal Reserve raised its benchmark interest rate by a quarter percentage point Wednesday, part of a planned series of upcoming interest rate increases. The central bank’s program of gradually increasing short-term interest rates, if it continues, will increase what Americans pay on everything from home mortgages to credit cards. ‘The simple message is that the economy is doing well,’ Fed Chair Janet Yellen said in remarks after the announcement, underlining why the central bank sees it as a good time to increase rates. ‘We have confidence in the robustness of the economy and its resilience to shocks.’ The Fed’s benchmark, called the federal funds target rate, now climbs to a range of 0.75 to 1 percent.” (03/15/17)