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Federal Reserve Chair Janet Yellen and the Federal Reserve raised interest rates for the first time in 2016. (Photo: AP)

(Bloomberg) — Federal Reserve officials raised interest rates for the first time this year and forecast a steeper path for borrowing costs in 2017, saying inflation expectations have increased “considerably” and suggesting the labor market is tightening.

The Federal Open Market Committee cited “realized and expected labor market conditions and inflation” in increasing its benchmark rate a quarter percentage point, according to a statement Wednesday following a two-day meeting in Washington.

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