Fed Approves First Interest Rate Hike Since 2015

In a unanimous decision, Federal Reserve officials approved the first interest rate hike since December 2015. The Federal Open Market Committee raised its target range from 0.25% to 0.5% to a range of 0.5% to 0.75%, according to CNBC.

The committee also approved a quarter-point increase in the discount, or primary credit, rate, from 1% to 1.25%.

The committee now expects three rate hikes in 2017, two or three in 2018 and three in 2019. 

(more on the Fed's interest rate increase...)