Fed increases federal funds rate by a quarter point

​​WASHINGTON, D.C. – The Federal Reserve on Wednesday implemented a quarter-point federal funds rate hike.

The move increased its benchmark target to between 1 percent and 1.25 percent "in view of realized and expected labor market conditions and inflation," the Federal Open Market Committee said.

The decision marks the fifth hike since December 2015, when the Fed first raised rates post-financial crisis after an eight-year hiatus.

In March, the Federal Reserve governors voted to raise interest rates by 0.25 percent, to a range of 0.75 percent to 1 percent, citing a strengthening labor market and inflation running below 2 percent.​​