Fed raises interest rate for second time in three months

Washington, D.C. – The Federal Reserve has hiked the nation’s interest rate by a quarter of a percentage point on Wednesday.

The 0.25 percent raise is the third time the Fed has implemented a rate increase since the latest financial crisis.

Fed Chair Janet Yellen had more or less confirmed the Fed’s intentions to move the key borrowing rate to a range of 0.75 to 1.0 percent earlier this month, so there was not much of a response on Wall Street.

The Fed also indicated the improved economic conditions could warrant two further hikes this year and three next year.

NBC reports during the presidential campaign, President Trump accused Yellen of keeping interest rates artificially low for political reasons.

President Trump also said he would look into replacing Yellen, an Obama appointee, before her term expires. But Treasury Secretary Steven Mnuchin said so far, Yellen has done a “good job.”

Yellen’s term ends in February 2018.