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US Fed raise interest rates2018-6-14 9:07:32(Beijing Time) Lange Steel

The US 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 percent and 2 percent, the Fed dropped its pledge to keep rates low enough to stimulate the economy "for some time" and signaled it would tolerate above-target inflation at least through 2020.

The Fed has raised rates seven times since late 2015 on the back of the economy's continuing expansion and solid job growth, rendering the language of its previous policy statements outdated.

Fed Chairman Jerome H.Powell told a news conference after the Fed's two-day meeting that the economy has strenghtened significantly since the financial crisis and is approaching a "normal" level where monetary policy may no longer be needed to either encourage or discourage economic activity.

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