Look for your borrowing costs to rise. The Federal Reserve lifted interest rates on Wednesday for a third time this year by a quarter of a percentage point. It foresees another rate hike in December and three more next year.
Fed Chairman Jerome Powell:
SOUNDBITE: FEDERAL RESERVE CHAIRMAN JEROME POWELL, (ENGLISH) SAYING:
"These rates remain low. And my colleagues and I believe that this gradual return to normal is helping to sustain this strong economy for the longer-run benefit of all Americans."
In its statement, the central bank removed its long-standing reference to monetary policy as "accommodative"
SOUNDBITE: FORT PITT CAPITAL GROUP SENIOR PORTFOLIO MANAGER, KIM FORREST, (ENGLISH) SAYING:
"We're moving back to that normal time where the Fed has some room to move downwards should they need to. And I think that is a very good time and could be behind a little bit of why the markets' going up because we're no longer on life support. We're back to being normal."
The Fed sees the U.S. economy growing for at least three more years amid low unemployment and stable inflation.