In an effort to combat inflation at 40-year highs, the Federal Reserve on Wednesday announced its widely expected decision to raise interest rates for the first time since December of 2018.
The Fed said it has decided to raise the target range for the federal funds rate by 25 basis points to 0.25 to 0.5 percent.
The central bank also predicted ongoing rate hikes will be appropriate, with the Fed's latest projections pointing to an interest rate of 1.9 percent by the end of the year.
