Inflation is great

America should want more of it

The benefits of inflation.
(Image credit: Gary Waters / Alamy Stock Photo)

As was widely expected, the Federal Reserve decided to hike interest rates again yesterday afternoon.

It's the fourth hike since the Fed first lifted interest rates off the floor in December 2015. It's the second hike of 2017, and the central bank looks set for one more this year. Each move has been tiny: just 0.25 percentage points, bringing the Fed's new target rate to 1 to 1.25 percentage points.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.