The Federal Reserve has voted unanimously to raise US interest rates for the first time in three years, increasing the target range to 3.75% to 4%.
The decision was taken on Wednesday and moves rates up from the previous range of 3.5% to 3.75%. The change amounts to a rise of a quarter of a percentage point.
The vote by the US central bank marks a notable shift after three years without an increase. No dissenting votes were recorded in the decision.
Following the move, US interest rates now stand within the 3.75% to 4% range. Further details on the Federal Reserve’s next steps were not included in the supplied material.
