Fed raises rates for 3rd time this year with 1 more expected

WASHINGTON (AP) — The Federal Reserve has modestly raised a key interest rate for the third time this year in response to a strong U.S. economy and signaled that it foresees another rate hike before the year ends.The Fed on Wednesday lifted its short-term rate — a benchmark for many consumer and business loans — by a quarter-point to a range of 2 percent to 2.25 percent. It was its eighth hike since late 2015, and the Fed indicated that it expects to continue gradual increases.