Federal Reserve could raise interest rates as early as March

The Federal Reserve indicated Jan. 26 that it could soon raise interest rates for the first time in more than three years, according to CNBC.

"With inflation well above 2 percent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate," the central bank said in a statement released after its two-day meeting.

During the meeting, the central bankers left interest rates unchanged at near-zero but hinted that higher borrowing costs may come during the Fed's next meeting in March.  

"I would say that the committee is of a mind to raise the federal funds rate at the March meeting, assuming that the conditions are appropriate for doing so," Jerome Powell, the Fed chair, said at a news conference, according to The New York Times

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