The US Federal Reserve has voted to raise the target for its benchmark interest rate by 0.25%, citing solid economic expansion and job gains.
The widely-anticipated decision will lift the target for the central bank’s benchmark rate to 1.75%-2%, the highest level since 2008.
It is the seventh time the bank has raised rates since 2015.
A majority of Fed officials also said they expect two more rate rises this year, more than previously forecast.
The Fed announced the rate rise at the close of a two-day meeting in Washington.
Why US rates have a global impact