The Federal Reserve, in a widely expected decision, raised its benchmark rate by a quarter of a percentage point, to a range between 1.25 percent and 1.5 percent.

The Fed also predicted stronger economic growth over the next three years. It forecast 2.5 percent growth in 2018, well above its previous forecast of 2.1 percent growth in 2018, which was published in September. Fed Chair Janet L. Yellen said the faster growth forecasts reflect an assessment of the $1.5 trillion tax cut moving through Congress.

Officials did not deviate from their 2018 outlook for interest rates or inflation and continued to signal three interest rate hikes next year.

Read more in the Milwaukee Business Journal.