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Federal Reserve Increases Interest Rates

iStock/Thinkstock(WASHINGTON) -- The Federal Reserve announced on Wednesday it has hiked interest rates by 0.25 percent to a new range of 0.75 percent to 1 percent.

The move marks the second increase in three months.

"Information received since the Federal Open Market Committee met in February indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace," the Fed said in a press release.

The Fed also said it expects to raise interest rates two more times this year.

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