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The report stated that the Fed expects steady economic gains will warrant "further gradual increases" in the Fed's benchmark rate.The Fed raised rates three times last year with the last hike occurring in December.It kept the rate unchanged for seven years until December 2015 and since that time has boosted the rate in five tiny quarter-point moves, including three rate hikes last year.At the December meeting, Fed officials signaled they expected to raise rates another three times in 2018 .
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