US Fed raises interest rates for first time in 2018

WASHINGTON - The US Federal Reserve on Wednesday raised the benchmark interest rate by 25 basis points, its first rate hike in 2018.

"In view of realized and expected labor market conditions and inflation," the Fed decided to raise the target range for the federal funds rate to 1.5 to 1.75 percent, the central bank said in a statement after concluding a two-day meeting.