Federal Reserve Chair Janet Yellen announces an interest rate hike of 25 basis points for the second time in three months, but does not flag any plan to accelerate the pace of monetary tightening. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: The U.S. Federal Reserve raised interest rates on Wednesday (March 15) for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target. Federal Reserve Chair Janet Yellen made the announcement at a press conference in Washington, D.C. The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent marked one of the Fed's most convincing steps yet in the effort to return monetary policy to a more normal footing. U.S. stocks hit session highs in afternoon trading after the Fed's announcement. The Fed did not flag any plan to accelerate the pace of monetary tightening, a concern that had lingered among some market participants.