Washington, September 16 (QNA) - The US Federal Reserve raised interest rates by a quarter of a percentage point today, marking its first increase in three years, as the central bank seeks to combat elevated inflation.
The Federal Open Market Committee (FOMC) voted unanimously to raise interest rates to a range of 3.75 percent to 4 percent, citing that inflation remains "elevated" and saying the move would help bring inflation towards its 2 percent target sooner.
The US central bank expects to raise interest rates again before the end of the year, while also raising its forecasts for inflation and economic growth for the current year. (QNA)