(CNBC) -- The Federal Reserve on Wednesday raised its benchmark interest rate a quarter-point but lowered its projections for future hikes.
As markets had expected, the central bank took the target range for its benchmark funds rate to 2.25 percent to 2.5 percent. The move marked the fourth increase this year and the ninth since it began normalizing rates in December 2015. It came despite President Donald Trump’s tweets against rate hikes. On Monday, he said “it is incredible” that “the Fed is even considering yet another interest rate hike.”
Officials, though, now project two hikes next year, which is a reduction but still ahead of current market pricing of no additional moves next year.
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