Interest Rates

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Interest rates are on the way up for the 12th time since June of last year.

The Federal Reserve announced after a meeting of policy-makers that it's pushing its federal funds rate up a quarter of a percent, to four percent even. That's the highest level in more than four years.

The federal funds rate is the interest that banks charge each other and generally determines the course of consumer rates, including those used for home mortages.

In a brief statement, the Fed again used the language it's been using, that it believes future interest rates can occur, "at a pace that is likely to be measured."

That phrase is taken as a signal that the Fed plans to keep raising rates at a gradual pace of quarter-point moves at coming meetings.