Federal Reserve Building, Washington, D.C. Federal Reserve Building, Washington, D.C. (Source: Shutterstock).

The Federal Reserve raised rates by 75 basis points Wednesday, citing robust job gains, low unemployment and inflation.

The Federal Open Market Committee's unanimous agreement on the increase was on par with economists' expectations, and followed a 75-bps increase in June that was the largest increase in 30 years. The committee raised its target range for the federal funds rate to 2.25% to 2.50%, and expects it to rise to 3.25% to 3.5% by year's end.

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Jim DuPlessis

A journalist for decades.