Fed Hikes Interest Rates Despite Declining Inflation

The Federal Reserve approved its second rate hike of 2017 this year amid expectations that inflation is running well below the central bank's target.

In addition, the Fed provided more detail on how it will unwind its $4.5 trillion balance sheet, or portfolio of bonds that includes Treasurys, mortgage-backed securities and government agency debt.

As financial markets had anticipated, the policymaking Federal Open Market Committee increased its benchmark target a quarter point, CNBC reported.

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