US raises interest rates for third time this year
On Wednesday evening, the US Federal Reserve decided to raise the interest rate by 25 basis points.
This is the third time that the US Federal Reserve has raised interest rates this year.
The decision, which was expected, is a sign of increased confidence in the US economy, lower unemployment, stronger economic growth and relatively stable inflation.
Under the chairmanship of Jerome Powell, policymakers agreed unanimously to raise federal funds rates to help set mortgage rates, credit cards and other consumer borrowing and price stability.
“Job gains have been robust on average in recent months, the unemployment rate has remained low, and household spending and steady business investment have grown strongly,” the US Federal Reserve said on Wednesday.
Bankers expect to raise US interest rates for the fourth time in December, with a majority now in favor of such a move. In June, policymakers split over whether the Fed should raise interest rates four times this year or three.