Report: Federal Reserve increases interest rates for the second time in 10 years

NEW YORK, N.Y. (WSYR-TV) - According to the Washington Post, the Federal Reserve raised interest rates for the first time in a year, potentially indicating rates may continue to rise more quickly than anticipated.

The interest rate has increased by 0.25 percent.

Federal Reserve Board members expect the economy to grow up to 2 percent in the next year, and say the inflation rate will be 1.5 percent up from 1.3 percent in September, according to the Washington Post.

This is a developing story.

For more information, head over to the Washington Post.

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