Fed hikes interest rate to 1.5%

The 0.25% increase was expected, and the Federal Reserve says it plans to keep increasing rates at a "measured" pace, with the next bump expected during its Sept. 21 meeting. "It's probably not going to mean a heck of a lot for the industry," said Jim Vitner, a senior economist at Wachovia, adding the increase had "already been priced in" to most loans.

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