US Federal Reserve raises rates for 4th time this year

Fed Chairman Jerome Powell said the central bank would work to trim balance sheet by $50 billion each month.

Despite calls by President Donald Trump, US Federal Reserve has raised interest rates in the range of 2.25 per cent to 2.50 per cent. The central bank is also committed to a plan to keep withdrawing support from economies it views as strong.
 
President Donald Trump had urged the Federal Reserve, the US central bank, to not make "another mistake" by raising interest rates.
 
Fed Chairman Jerome Powell said the central bank would work to trim balance sheet by $50 billion each month.
 
It said risks to the economy were “roughly balanced” but that it would “continue to monitor global economic and financial developments and assess their implications for the economic outlook.”
 
The move marked the fourth increase this year and the ninth since it began normalising rates in December 2015.
“The Committee judges that some further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective over the medium term,” the statement said.

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