WASHINGTON — The Federal Reserve’s Federal Open Market Committee raised the federal funds rate 0.25% on Wednesday, marking only the third rate hike since the financial crisis and a sign that the central bank sees the economy as finally heating up after a sluggish recovery

In a press statement, the committee said that gains in the job market and gradually increasing inflation has made the conditions right for a rate increase, but noted that the interest rate environment is still highly accommodative by historical standards.

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