Fed boosts benchmark rate for third time this year

The Federal Reserve is raising its benchmark interest rate for the third time this year, signaling its confidence the U.S. economy remains on solid footing 8½ years after the end of the Great Recession.
The Fed is lifting its short-term rate by a modest quarter-point to a still-low range of 1.25 percent to 1.5 percent. It is also continuing to slowly shrink its bond portfolio. Together, the two steps could lead over time to higher loan rates for consumers and businesses and slightly bette