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Fed hikes rates amid stronger inflation, shifts from crisis-era stance

Policymakers projected a slightly faster pace of rate increases in the coming months

Reuters  |  Washington 

The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the US central bank's shift from policies used to battle the 2007-2009 financial crisis and recession. In raising its benchmark overnight lending rate a quarter of a percentage point to a range of between 1.75 per cent and 2 percent, the Fed dropped its pledge to keep rates low enough to stimulate the economy "for some time" and signalled it would tolerate above-target inflation at least through 2020. The Fed has raised rates seven times since late ...

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First Published: Thu, June 14 2018. 01:32 IST