US Federal Reserve raises interest rates

CFM News Update: The US Federal Reserve has raised interest rates by 0.25% - its first increase since 2006. The move takes the range of rates banks offer to lend to each other overnight - the Federal Funds rate - to between 0.25% and 0.5%. The US central bank also raised its projection for its economic growth next year slightly, from 2.3% to 2.4%. US share markets jumped in response.

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