Fed hikes rates by quarter point to 2%
14/06/2018 12:02
The Federal Reserve on Wednesday raised its key interest rate by a quarter point to 2 per cent.

The rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate instruments.

The Federal Open Market Committee said economic growth has been "rising at a solid rate," an upgrade from "moderate" in May. The unemployment rate has "declined," as opposed to "stayed low," and household spending "has picked up," an upgrade from "moderated."

With that in mind, the committee said two more rate hikes were appropriate, bringing the 2018 total to four increases. Its first hike this year was in March.