Wednesday, March 21, 2018

Stocks Fluctuate Before Closing Lower After Fed Announces Interest Rate Hike - TheStreet

Stocks Fluctuate Before Closing Lower After Fed Announces Interest Rate Hike - TheStreet: Stocks lost steam on Wednesday, March 21, after the Federal Reserve announced it would be raising interest rates.

The Fed increased borrowing costs for the sixth time since late 2015 in a bid to keep inflation from rising too fast as the economy accelerates.

The U.S. central bank's monetary-policy committee raised the benchmark rate by a quarter point to a range of 1.5% to 1.75%, according to a statement released after a two-day meeting. The Fed had held the rate close to zero from 2008 through 2015 in a bid to revive the economy and markets following the financial crisis.

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