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US Federal Reserve raised the policy rate by 25 basis points. The Federal Open Market Committee said in the statement, "The Committee will closely monitor incoming information and assess the implications for monetary policy."
The new range for the rate now stands at 4.75 per cent to 5 per cent.
The Committee said that it seeks to achieve maximum employment and inflation at the rate of 2 per cent over the longer run. The Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 per cent.
