Fed Raised Interest Rates by a Quarter of a Percent, Plans to Raise Rates Again in December

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point, bringing the rate to between 2 and 2.25%. This is the eighth time since 2015 the Federal Reserve has raised the benchmark interest rate, and it plans to do so again in December. Fed Chairman Jerome Powell cited the low national unemployment rate as the primary reason for raising the rate again, though he acknowledged that not all Americans are feeling the effects of a strong economy. Fed officials also hope that raising interest rates will help mitigate inflation caused by the federal tax cuts passed last year.  Read more.