Federal Reserve raises key interest rate

Federal Reserve officials raised a key interest rate Wednesday afternoon.

This is the second rate hike in the past decade. The Fed raised the rate last December as well, now estimating it will raise rates three more times in 2017.

"The Federal Reserve interest rate increase is a symbol not only of the improved economic outlook that we have seen through the recent increases in the stock market and decreases in the unemployment rate, but the increase is also a demonstration of confidence by Federal Reserve members that they believe that the economy is continuing to move in the right direction of sustainable increasing growth opportunities," said Ken Carow, professor of finance and executive associate dean of faculty and research.

"This is probably one of the most anticipated increases with futures traders putting close to a 100% probability that the Federal Reserve would raise rates."

For more on what this might mean for you and your family, click into this article.