Fed raises interest rates one-quarter point

The Federal Reserve is raising its benchmark interest rate and signaling that it is sticking with a gradual approach to rate hikes under its new chairman, Jerome Powell.
The Fed on Wednesday boosted its key short-term rate by a modest quarter-point to a still-low range of 1.5 percent to 1.75 percent and said it will keep shrinking its bond portfolio. Both steps show confidence that the U.S. economy remains sturdy nearly nine years after the Great Recession ended. The actions mean consumers and b