Federal Reserve Increases Interest Rates for First Time in Three Years

Why it matters locally: The Federal Reserve's decision to raise interest rates will likely affect borrowing costs for Connecticut residents and businesses, influencing mortgages, loans, and business investment across the state.

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The United States Federal Reserve implemented an increase in its benchmark interest rate today. This marks the first time the central bank has adjusted rates upward in three years. The Federal Reserve's board arrived at this decision unanimously. The action occurred despite previous public statements from President Donald Trump, who had advocated for a reduction in interest rates.