As expected, the Federal Reserve raised interest rates for the first time in a decade while signaling that the pace of subsequent increases will be gradual.  The FOMC unanimously voted to set the new target range for the federal funds rate at 0.25% to 0.50%, up from zero to 0.25%.  Policy makers separately forecast an appropriate rate of 1.375% at the end of 2016, implying four quarter-point increases next year.

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