The Federal Reserve showed increasing optimism about the U.S. economy and signaled interest rates would rise at a faster pace than previously projected, as it unanimously approved its second rate increase in a decade.

At the central bank’s last policy meeting of the year on Wednesday, officials said they would nudge up the federal-funds target rate by a quarter percentage point, to between 0.50 percent and 0.75 percent.

The brightening economic outlook also prompted a shift in rate forecasts, with Fed officials now expecting to raise rates next year by another 0.75 percentage point, likely in three quarter-point moves.

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