Fed raises rates, steepens path of hikes as outlook strengthens

THE FEDERAL RESERVE unanimously voted to lift the federal funds rate target range from 1.5 percent to 1.75 percent. BLOOMBERG FILE PHOTO/ANDREW HARRER
THE FEDERAL RESERVE officials unanimously voted to lift the federal funds rate target range to 1.5 percent to 1.75 percent. / BLOOMBERG FILE PHOTO/ANDREW HARRER
NEW YORK - Federal Reserve officials, meeting for the first time under Chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three increases this year. “The economic outlook has strengthened in…

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