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A major credit rating agency is warning that a prolonged government shutdown could mean that it will reconsider the nation's AAA rating. That could lead to higher borrowing costs.
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The U.S. Federal Reserve is raising the benchmark borrowing rate to a range of 2.25 percent to 2.50 percent, a move that would put it at the highest level in a decade.
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Policymakers increased a key rate for the third time this year. The quarter-point move indicates the Fed is confident in the economy as it continues to recover from the financial crisis.
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After holding rates near zero for seven years, the Fed approved a small increase Wednesday. While that step seems minor, the impact could be huge in 2016 as borrowing costs head up.
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Some economists say the Federal Reserve should leave rates alone, but many say super-low rates have big risks, too. They argue that the central bank needs to push rates back up to historic norms.
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This week, the Fed may raise a key interest rate for the first time since 2006. By keeping interest rates near zero for so long, the Fed may have prevented the ultimate financial catastrophe.
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This week, the Federal Reserve will be making decisions that could affect your ability to borrow. Because it works behind closed doors, it can seem mysterious. Here's what the Fed is and does.