Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Federal Reserve Chair Janet Yellen. Photo: Jacquelyn Martin / AP
The Federal Reserve has increased interest rates to 1.25-1.5%, the third boost this year, NPR reports.
Why it matters: The increase indicates that there is confidence in the economy, per NPR. Fed officials are suggesting that the central bank is working to avoid rapid inflation in coming months (as a result of the GOP tax overhaul) by quickening the pace of rate increases.
- Per CNBC, the Federal Open Market Commitee (FOMC) statement released on Wednesday showed more confidence in in the economy bouncing back after the major hurricanes this year.
- The October statement said: "Hurricane-related disruptions and rebuilding will continue to affect economic activity, employment, and inflation in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term."
- The new statement says: "Hurricane-related disruptions and rebuilding have affected economic activity, employment, and inflation in recent months but have not materially altered the outlook for the national economy."