Fed Raises Interest Rates for Second Time this Year

Interest rates are going up again.

The Federal Reserve on Wednesday lifted its benchmark rate by a quarter of a percentage point, the second hike this year.

Investors were expecting the increase. The Fed is raising rates gradually to keep the economy in check as inflation creeps higher and the job market grows even tighter. The jobless rate is already the lowest since 2000.

The federal funds rate, which helps determine rates for mortgages, credit cards and other borrowing, now stands at a range of 1.75% to 2%.