The US central bank Federal Reserve (Fed) raises the key interest rate by 0.25 percentage points to the range of 5.00-5.25 percent.
The policy rate is thus the highest since 2007, writes Bloomberg.
The increase in the key interest rate is in line with economists’ average forecasts ahead of the announcement. It is the tenth straight increase since last March.
The Fed is now expected to hold off on future interest rate increases in order to wait for the interest rate effects on the economy and inflation.