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Fed Hikes Interest Rates Despite Declining Inflation

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    Fed Hikes Interest Rates Despite Declining Inflation
    Manuel Balce Ceneta/AP (File)
    FILE - In this June 22, 2016, file photo, Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington before the House Financial Services Committee hearing on U.S. monetary policy.

    The Federal Reserve approved its second rate hike of 2017 this year amid expectations that inflation is running well below the central bank's target.

    In addition, the Fed provided more detail on how it will unwind its $4.5 trillion balance sheet, or portfolio of bonds that includes Treasurys, mortgage-backed securities and government agency debt.

    As financial markets had anticipated, the policymaking Federal Open Market Committee increased its benchmark target a quarter point, CNBC reported.