Fed hikes key interest rate 13th straight time

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The Federal Reserve voted on Tuesday to raise a key interest rate to its highest level in four and a half years. The increase in the federal funds rate the interest that banks charge each other now stands at 4.25 percent, with the vote representing the 13th consecutive quarter-point increase since June of 2004, when the funds rate was at its lowest percentage since 1959. more [NYT]