US Fed raises key interest rate

The US Federal Reserve has raised interest rates by 0.25 per cent on Wednesday. It's the s the first hike since December 2015, and the second rate hike in 10 years. Federal Open Market Committee voted unanimously to increase the key federal funds rate to a range of 0.5 per cent and 0.75 per cent, citing an improving economy. Fed chair Janet Yellen said, "Economic growth has picked up since the middle of the year," adding, "We expect the economy will continue to perform well."

US correspondent Nick Harper reports

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