Fed Raises Benchmark Rate as Inflation Approaches 2% Target

``The Federal Reserve raised its benchmark lending rate a quarter point and continued to project two more increases this year, signaling more vigilance as inflation approaches its target... ``The committee described job gains as "solid" and said business investment "appears to have firmed somewhat." Inflation, the statement said, is "moving close" to the committee's 2 percent target.'' -- Trying to build that "dry powder" back up for the next recession, eh?