{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='US Fed raises key interest rate for second time this year' data-url='/boclips/videos/5c54d7b4d8eafeecae20e0f6' data-video-url='/boclips/videos/5c54d7b4d8eafeecae20e0f6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUS Fed raises key interest rate for second time this year\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe Federal Reserve has raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases because of solid U.S. economic growth and rising inflation.              The Fed now...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe Federal Reserve has raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases because of solid U.S. economic growth and rising inflation.\u003cbr/\u003e              The Fed now foresees four rate hikes this year, up from the three it had previously forecast.\u003cbr/\u003e              The central bank raised its key short-term rate Wednesday by a modest quarter-point to a still-low range of 1.75 percent to 2 percent. \u003cbr/\u003e              The move reflects the economy's resilience, the job market's strength and inflation that's finally nearing the Fed's target level. \u003cbr/\u003e              The action means consumers and businesses will face higher loan rates over time.\u003cbr/\u003e              It was the Fed's seventh rate increase since it began tightening credit in 2015, and it followed an increase in March this year.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              POOL\u003cbr/\u003e              Washington DC - 13 June 2018\u003cbr/\u003e              1. Federal Reserve Chair Jerome Powell walks in for press conference\u003cbr/\u003e              2. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"We think that gradually returning interest rates to a more normal level, as the economy strengthens is the best way the Fed can help sustain an environment in which American households and businesses can thrive. Today, we've taken another step in that process by raising our target range for the federal funds rate by a quarter of a percentage point.\"\u003cbr/\u003e              3. Cutaway\u003cbr/\u003e              4. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"What you should see is that the economy is continuing to make progress. The economy has strengthened so much since since I joined the Fed you know in 2012 and even over the last couple of years. The economy is in a very different place. Unemployment was 10 percent at the height of the crisis, it's at three point eight percent now and moving lower. So really what the decision you see today is another sign that the US economy is in great shape. Growth is strong, labor markets are strong, inflation is close to target and that's what you're seeing.\"\u003cbr/\u003e              5. Cutaway\u003cbr/\u003e              6. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"Many years we had interest rates held low to support economic activity and it's been clear that as we've gotten closer to our statutory goals, we should normalize policy and that's really what we've been consistently doing for some years now.\"\u003cbr/\u003e              7. Cutaway\u003cbr/\u003e              8. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"It's, it's really important that inflation not fall below 2 percent that inflation expectations remain well anchored at 2 percent. Very important because the implications of inflation below 2 percent are that you're closer to the zero lower bound, meaning the Fed has less room to cut, meaning that we'll spend more time there and we won't be able to do the job that we're assigned to do for our citizens.\"\u003cbr/\u003e              9. Cutaway\u003cbr/\u003e              10. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"Things buffer inflation back and forth, but so we acknowledge that we understand that and if inflation were to persistently run above or below 2 percent, then we would be using our tools to try to move inflation back in the direction of the target. What we do understand though that we don't have the ability to precisely hit that target, so we expect that inflation will be above or below. And we just hope that that happens on a symmetric basis.\"\u003cbr/\u003e              11. Cutaway\u003cbr/\u003e              12. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"So I think overall we have, we have a really solid economy on our hands here. And so what we're doing is we are trying to conduct monetary policy in a way that will sustain that expansion, keep the labor market strong and keep inflation above right at sorry not above but right at 2 percent. That's really what we're trying to do. And you know I would say I like the results so far. We've been very, very careful not to tighten too quickly. I think we've been patient. I think that patience has borne fruit and I think it continues to.\"\u003cbr/\u003e              13. Cutaway\u003cbr/\u003e              14. SOUNDBITE (English) Jerome Powell, Federal Reserve Chair:\u003cbr/\u003e              \"We had a lot of encouragement to go much faster and I'm really glad we didn't. But at this time that can continue and that gradual pace, pace it seems continues to seem like the right thing. If we get a sense that the economy is reacting badly then we'll certainly react to that.\" \u003cbr/\u003e              15. 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