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July 16, 2018

Federal Reserve projects further hikes in key rate

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON — The Federal Reserve said Friday it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. By late 2019, the Fed says its key policy rate should be at a level that will be slightly restrictive for growth.

The Fed's projection on rate hikes came with release of the central bank's semi-annual monetary report to Congress. Fed Chairman Jerome Powell is scheduled to testify on the report for two days next week.


 
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