WASHINGTON: The US central bank on Wednesday raised the benchmark interest rate for the third and final time this year, and indicated it was not likely to be more aggressive next year, at least for now.

Citing the strong labor market and solid economy, the Fed’s policy-setting Federal Open Market Committee increased the key lending rate to 1.25-1.5 percent, an increase of a quarter point on the cost of loans for everything from houses to cars.

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