The Federal Open Market Committee has decided to raise its target for the federal funds rate by 25 basis points to 1.25% and indicated that it is likely to continue raising rates gradually."With underlying inflation still expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured," the Federal Reserve said in a news release Wednesday afternoon. "Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability." The Fed can be found online at http://www.federalreserve.gov.

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