U.S. Fed raises interest rate

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

The U.S. economy will grow at 2.7% in 2018 and 2.4% in 2019, higher than previous projections of 2.5% and 2.1% respectively.

Wednesday's announcement marked the Fed's sixth rate hike since late 2015 and the first move under Jerome Powell, who took the helm of the central bank in February.