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Fed raises rate slightly, saying its plan remains `measured'.(Knight Ridder Newspapers)
Byline: Ken Moritsugu
WASHINGTON _ The Federal Reserve nudged its benchmark interest rate up a quarter-point to 1.25 percent Wednesday and predicted that inflation would remain tame.
Confounding some predictions that it would adopt stronger language about rising inflation, the Fed stuck to its plan for "measured" _ meaning gradual _ rate hikes in coming months, although it did indicate that it was ready to move more quickly if inflation picked up.
Fed rate hikes drive up borrowing costs for consumers and businesses, though the impact of Wednesday's initial quarter-point rise will be modest. Rates on credit-card debt, home equity lines of credit and auto loans will tick up. So will returns on savings accounts and certificates of deposit.
The Fed move ...
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Source: HighBeam Research, Fed raises rate slightly, saying its plan remains...