WASHINGTON -- The Federal Reserve on Wednesday raised interest rates by a quarter percentage point, bringing the benchmark federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years. Fed Chair Jerome Powell said the central bank would continue to monitor inflation data before deciding on future moves. Treasury Secretary Janet Yellen praised the decision, saying it showed the economy was on solid footing. Wall Street reacted positively, with the S&P 500 gaining 1.2% by close of trading in New York.
