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At the U.S. Federal Reserve meeting today (Wednesday), Fed Chairwoman Janet Yellen said she expects the pace of rate hikes in 2016 to be "gradual," although that could change with economic conditions.
Many economists predict at least two more 0.25% interest rate hikes this year. That would bring the Fed's target interest rate up from 0.50% to 1%. As of Wednesday's meeting, the Fed left interest rates unchanged at 0.50%.