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Fed to Raise Interest Rates

As expected, the Federal Reserve voted to raise interest rates 0.25 percent, the fifth rate raise since June. The interest rate boost is expected to help keep inflation in check during this record period (108 months) of economic expansion. Technology companies have continued to signal healthy economic growth, and unemployment rates remain low. Despite drastic price hikes in gasoline and heating oil prices, consumers are still spending. This worries economists who watched consumers pay little heed to the last four interest rate increases. The quarter point interest rate increase will average out to an extra $1 a month on consumers's credit cards, which in this period of prosperity, will not curb consumers's spending.
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Date of Scout Publication 2000-03-23
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