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Thursday, 14 June 2018 - 11:55
US Fed rates increased
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The US Federal Reserve has voted to raise the target for its benchmark interest rate by 0.25%, citing solid economic expansion and job gains.
 
The widely-anticipated decision will lift the target for the central bank's benchmark rate to 1.75%-2%, the highest level since 2008.
 
A majority of Fed officials also forecast two more rate rises this year, one more than previously predicted.
 
The rise is part of the US recovery following the global financial crisis.
 
It is the seventh time the bank has raised rates since 2015.
 
The tighter policy reflects expectations that US growth and inflation will prove stronger than officials anticipated in March, while the unemployment rate continues to fall.
 
Federal Reserve Chair Jerome "Jay" Powell said job gains are boosting income and confidence, while foreign expansion and tax cuts support additional growth.
 
(BBC)
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