Fed Hikes Discount Rate, Funds Rate Range

(RTTNews) - The Federal Reserve Thursday increased its target range for the Federal Funds rate, one of a series of steps taken to modify the Fed's discount lending programs.

The Fed's discount rate was also increased.

The Fed announced the high end of the target range for the federal funds rate would increase 25 basis points, putting the rate at 0 to 0.5 percent.

The discount rate was raised from 0.5 percent to 0.75 percent.

The Fed, which released its announcement after the close of trading on Wall Street, said the discount rate increase would take effect Friday, February 19th.