WASHINGTON: The US Federal Reserve on Wednesday raised the benchmark interest rate by a quarter percentage point as expected, citing an improving economy with one month to go before President-elect Donald Trump takes office.
The policy-setting Federal Open Market Committee voted unanimously to increase the key federal funds rate to a range of 0.5 to 0.75 percent, but repeated that the world’s biggest economy likely will require only “gradual” rate increases going forward.
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