Fed raises rates, Powell talks future plans: LIVE BLOG

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Fed Chair Jerome Powell: We expect the job market to stay strong

Federal Reserve Chairman Jerome Powell explains why the central bank decided to raise interest rates.

The Federal Reserve on Wednesday raised its benchmark interest rate a quarter percentage point, marking the seventh such move since the end of 2015.

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The federal funds rate now sits between 1.75% and 2%.

The central bank had projected three to four rate hikes this year as the economy continues to pick up steam and inflation nears the 2% target rate thanks to strong labor market conditions.

Investors will be listening to Federal Reserve chair Jerome Powell’s second press conference as leader of the U.S. central bank for clues on how the institution is factoring trade conflicts and global tensions into its strategy as it continues on the path toward policy normalization.

Follow below for more on Powell’s comments: