US Fed raises interest rates for second time this year

Washington, (IANS) The US Federal Reserve has raised short-term interest rates by a quarter of a percentage point, its second rate hike this year.

“In view of realised and expected labour market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 per cent,” Xinhua reported the central bank as saying in a statement on Wednesday after concluding a two-day meeting.

Medaram Jathara

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