Federal Reserve officials announced an interest rate increase Wednesday, the second hike of the year, and signaled that they will accelerate the pace of future increases in response to what they described as a “solid” economic growth.

The decision brings the central bank’s target for short-term interest rates to between 1.75 percent and 2 percent, where it was in late spring of 2008 as the financial crisis unfolded.

Recommended Stories

Fed chair indicates no more interest rate cuts this year

Fed expected to end bond purchases, lower rates

Fed holds target steady and says no rate cuts until confident inflation is defeated