The Federal Reserve hiked its key interest rate to the highest level since 2008 on Wednesday, according to The Washington Post. The Fed lifted the rate from 1.5 percent to 1.75 percent—and expects to raise rates three more times this year. It's the Fed's first major move under its new Chairman Jerome H. Powell, and reflects the strengthening economy and thriving stock market. Fed officials say the economy is on track to expand “2.7 percent this year and 2.4 percent in 2019,” a more optimistic forecast than the growth numbers projected after the Republican tax cuts. Rates haven’t risen four times in one year since 2006, the Post reports.