In a widely anticipated move and amid a growing U.S. economy, the Federal Reserve on Wednesday raised interest rates to a range between 1.25 and 1.5 percent. The move had been expected among those in the real estate industry.

The announcement Wednesday came after the central bank’s Federal Open Market Committee’s two-day meeting. Charles Evans, president of the Federal Reserve Bank of Chicago, and Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, wanted to maintain the existing range and voted against the hike.

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