The Fed lowered its benchmark rate — the rate that banks charge one another to borrow money overnight — to near zero after the financial crisis began in 2008. The goal was to encourage lending and spur the economy. Judging that the economy no longer needed as much help, the Fed began to raise rates at the end of 2015.

The economy has added 192,000 jobs a month on average since the Fed began raising rates at the end of 2015. The unemployment rate has fallen to 3.8 percent, matching its previous lowest level in 2000. And the Fed’s own labor-market index has been on a steady upswing since the financial crisis ended.

The economy has expanded at a fairly steady pace since the financial crisis ended, and the Fed expects that growth to continue. The Fed regards an inflation rate of about 2 percent annually to be healthy. Previously, the Fed was concerned that inflation was too low, but if it continues increase quickly, that might prompt it to raise rates faster.

When the Fed raises interest rates, it is trying to increase borrowing costs for businesses and consumers to help keep the economy from overheating. So far, the impact has been very modest. Interest rates on car loans and mortgages have risen only slightly. Credit card rates, however, have increased steadily since 2009 and could continue to rise as the Fed raises rates. And although savers have so far seen little change in the rates they are paid on money they keep in the bank, there is hope that would change.