The economy is revving up, and so the Federal Reserve is stepping up its plan to move interest rates closer to normal.

As anticipated, the Fed raised its benchmark short-term interest rate Wednesday but it also upgraded its forecast from a total of three hikes this year to four amid an improving economy, falling unemployment and slightly stronger inflation.

The move is expected to cascade through the economy, in particular nudging up rates for variable-rate consumer loans such as credit cards and adjustable-rate mortgages.

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