12/19/2018, 8:00 PM (Source: TeleTrader)
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Fed hikes interest rate range to 2.25%-2.5%

The Federal Reserve on Wednesday decided to increase the benchmark for borrowing costs in the United States by 25 basis points to between 2.25%-2.50%. The move represents the fourth hike in 2018.

Meanwhile, the Federal Open Market Committee (FOMC) said its forecast for 2019 projects only two rate hikes, lowering from expected three hikes announced in September.

"The Committee judges that some further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term," according to Fed's statement.

Baha Breaking the News (BBN) / BM