The Federal Reserve raised interest rates by 0.25%, the central bank’s first rate hike since 2006, citing continuous US economic recuperation that has overcome the aftermaths of the 2007-2009 financial crisis.
The central bank increased the range of its benchmark rate by a quarter of a percentage point to between 0.25% and 0.50%.
In a press conference after the announcement, Fed Chair Janet Yellen said the recovery has certainly come a long way, with the economy performing well and is predicted to do so.
The Fed’s policy statement mentioned the labor market’s improvement, in which unemployment rate has dropped to 5%.
The material has been provided by InstaForex Company – www.instaforex.com