U.S. Federal Reserve chair Janet Yellen announced Wednesday that the Federal Reserve benchmark rate will rise by a quarter point -- a move that will likely mean higher rates on some consumer and business loans. ( The Associated Press )WASHINGTON—The Federal Reserve has raised its benchmark interest rate for the second time in three months and forecast two additional hikes this year. ( Chip Somodevilla / Getty Images ) Janet Yellen, chair of the Board of Governors of the Federal Reserve System, during a news conference in Washington, March 15, 2017. ( Richard Drew / The Associated Press )Read more: U.S. raises key interest rate, with three hikes due in 2017 The Fed’s rate hike should have little effect on mortgages or auto and student loans. The Federal Reserve will hike its key short-term rate, 0.25 percentage points to a range of 0.75 to 1 percent.

Source: thestar March 15, 2017 18:12 UTC