NJ Spotlight News | Clip | Business Report: Fed raises interest rates

The Federal Reserve on Wednesday raised interest rates by 0.75% -- the biggest increase since 1994. Annoucing the increase, Federal Reserve Chairman Jerome Powell indicated this would not be the last rate hike and said the Fed has also cut its outlook on U.S. economic growth for this year. With Wednesday's move, borrowing becomes more expensive. Interest rates will increase on many consumer loans.