6/13/2018, 8:00 PM (Source: TeleTrader)
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Fed raises interest rates by 0.25 points

The United States Federal Reserve announced on Wednesday it decided to lift interest rates by 0.25 points. The Federal Open Market Committee (FOMC) voted to increase the interest rate target range to 1.75%-2%. The decision marks the second rate hike since the start of the year and the bank said it expects two more rate hikes before the end of the year.

The central bank noted that economic activity in the US has been "rising at a solid rate" and inflation for items excluding food and energy "moved close to 2%" and job gains remained strong, while the unemployment rate fell.

"The Committee expects that 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," the FOMC said in a statement.

Breaking the News / NP