Fed inches interest rates up another quarter percentage point

The Federal Reserve approved a quarter-percentage-point interest-rate increase and signaled plans to raise rates again next month to continue lowering inflation.

The decision Wednesday followed six consecutive larger rate rises, including an increase of a half point in December and 0.75 point in November.

Stocks
DJIA,
-1.04%

SPX,
-0.46%
were lower prior to the Fed statement. The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.484%
was down slightly to 3.47%.