Federal Reserve Hikes Interest Rate
The Federal Reserve raises its benchmark rate by a quarter point to 1 percent. It was a unanimous decision by federal officials. Fed Chair Janet Yellen says the hike signifies the U.S. economy is doing well.
CNBC reports the announcement pushed government bond yields lower and major averages in the stock market increased.
The Washington Post reports the Fed will likely increase rates three times in 2017 and three more hikes next year.