The Federal Reserve decides to increase interest rates even more than it previously anticipated

Federal reserve.
(Image credit: Getty Images)

Falling unemployment rates and rapid inflation led the Federal Reserve on Wednesday to raise interest rates for the second time this year, reports Bloomberg.

Officials indicated that there would likely be two more increases in 2018, "consistent with sustained expansion of economic activity, strong labor market conditions, and inflation." The quarter-point hike brought the rate to 2 percent.

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Summer Meza, The Week US

Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.