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Fed Raises Short-Term Interest Rate

Federal Reserve Board's decision ends period of 46-year lows.
Federal Reserve Board's decision ends period of 46-year lows.

As expected, Federal Reserve policymakers raise a key short-term interest rate by one quarter of a percentage point. The Fed Funds rate stands now at 1.5 percent.

In a statement, the Fed said that while growth and job creation have slowed, "the economy nevertheless appears poised to resume a stronger pace of expansion going forward."

Fed policymakers reiterated their belief that with inflation still relatively low, interest rates can be raised "at a pace that is likely to be measured." NPR's Jim Zarroli reports.

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Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.