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Fed Raises Rates, Steepens Path of Hikes as Outlook Strengthens

The vote to lift the federal funds rate target range from 1.5% to 1.75% is a unanimous 8-0.

By Craig Torres | Updated on March 21, 2018
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S. Photographer: Andrew Harrer/Bloomberg

Federal Reserve officials, meeting for the first time under Chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three increases this year.

“The economic outlook has strengthened in recent months,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. Officials repeated previous language that they anticipate “further gradual adjustments in the stance of monetary policy.”

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