Fed raises key interest rate by a quarter of a percentage point

WASHINGTON — The Federal Reserve, as expected, raised its benchmark interest rate by one quarter of a percentage point Wednesday and indicated that it plans to raise rates again in December.
The Fed repeatedly described economic conditions as “strong” in a statement following a two-day meeting of its committee that sets monetary policy.
“Economic activity has been rising at a strong rate,” the statement said, adding that job growth, and the growth of household spending and business investment, were also robust.
The Fed moved its benchmark rate up to a range between 2 and 2.25 percent. It is the eighth time since the 2008 financial crisis that the Fed has raised rates and the third time this year. The decision was unanimous.