Federal Reserve hikes rates, Yellen takes questions: LIVE BLOG

The Federal Reserve on Wednesday raised the short-term federal funds rate and maintained its forecast for at least one more rate rise in 2017 with plans to begin shrinking its balance sheet later this year.

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At the conclusion of its two-day policy meeting, the Federal Open Market Committee moved its benchmark interest rate higher by 0.25 percentage point to between 1% and 1.25%, as had been widely expected on Wall Street.

FOX Business has all the developments and market reaction covered in the live blog below.