The Federal Reserve Bank announced Tuesday that it would raise the short-term interest rate by a quarter percentage point, marking the third time this year the Fed has raised the rate.

The interest rate was raised by the Fed both to slow down the economy and curb inflation.

Also raised was the Fed's "fund" rate, or the amount banks lend to one another. In other news, the Policy Making Committee announced that it has shifted its intention for future rate hikes from a stance of "neutral" to "tightening." In plain English, this means that it does not desire to raise rates again any time soon.