US Fed raises benchmark interest rate by 0.25%

US Federal Reserve has raised its benchmark interest rate by 0.25% for only the third time in a decade. The central bank Chaired by Janet Yellen voted to raise its key rate target to a range of 0.75% to 1%. The rate was increasedin light of the economy’s solid progress such as increase in jobs, solid pay gains, rising inflation and a dip in the unemployment rate to 4.7%.

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