iStock/Thinkstock(WASHINGTON) — The Federal Reserve announced Wednesday it will hike interest rates by 0.25 percent to a new range of 0.50 to 0.75 percent.

The Fed says our economy is expanding at a moderate pace, job gains are solid and household spending is rising modestly.

You can read the full statement here.

The Fed added it could hike rates as many as three times next year.
 
Stocks were flat going into the decision and have remained that way following the panel’s announcement. The Dow Jones Industrial Average is up fractionally to 19,941.
 
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