John Ydstie

Updated at 2:21 p.m. ET

The Federal Reserve increased a key interest rate again Wednesday, which will trigger higher rates on credit cards, home equity lines and other kinds of borrowing.

U.S. economic growth slowed in the first three months of the year to a 2.3 percent annual rate, down from 2.9 percent at the end of last year.

One reason is that consumers didn't keep up with the blistering pace of spending at the beginning of the year, which means slower economic growth overall, analysts say. But, if recent trends are any indication, the economy will pick up steam soon.

Updated at 4:19 p.m. ET

Interest rates reached a milestone Tuesday and the stock market frowned.

Tuesday morning, for the first time in four years, the rate on the 10-year U.S. government note topped 3 percent. The bond market move contributed to a sharp sell-off in stocks, as investors wondered whether the long-running bull market might be at a pivot point.

President Trump's tariffs on imported steel aren't the first time the industry has gotten protection from the U.S. government. Not by a long shot. In fact, tariff protection for the industry — which politicians often say is a vital national interest — goes back to the very beginning of the republic.

In his book, Clashing Over Commerce: A History of U.S. Trade Policy, Dartmouth professor Douglas Irwin writes that protection for the metal producers began in the 1790s.

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

AUDIE CORNISH, HOST:

Updated at 2:59 p.m. ET

The Federal Reserve announced a quarter-point increase in interest rates as expected Wednesday, the first rate move under its new chairman, Jerome Powell. The key fed funds rate was moved up to a target range of 1.5 percent to 1.75 percent.

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

SCOTT SIMON, HOST:

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

DAVID GREENE, HOST:

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

ARI SHAPIRO, HOST:

Janet Yellen chaired her final Federal Reserve policymaking meeting Wednesday. She and her Fed colleagues held interest rates steady and officially elected Jerome Powell to succeed her as chair. As Yellen steps down, she is getting high marks for her four years at the helm of the nation's central bank.

Pages