ARN News Centre

US Fed raises key interest rate

Thursday, 15 December 2016 at 10:33

The US Federal Reserve has raised interest rates by 0.25 per cent on Wednesday. It's the s the first hike since December 2015, and the second rate hike in 10 years. Federal Open Market Committee voted unanimously to increase the key federal funds rate to a range of 0.5 per cent and 0.75 per cent, citing an improving economy. Fed chair Janet Yellen said, "Economic growth has picked up since the middle of the year," adding, "We expect the economy will continue to perform well."

US correspondent Nick Harper reports

More from Business

UAE-Greece Strategic Forum opens new horizons for trade, investment

The UAE and Greece have announced 18 agreements and commercial partnerships worth a total of €12.75 billion, strengthening economic and investment cooperation.
UAE to invest additional €15 billion in Greece

The UAE has announced plans to invest an additional €15 billion under its joint investment initiative with Greece, strengthening their long-term economic and strategic partnership.
UAE enters global top 10 in Government Support Index

The UAE has climbed six places to rank 10th globally in the 2026 Government Support Index, achieving its target of entering the world’s top 10.
Ambani's Jio IPO fully subscribed within hours in record Indian sale

Jio Platforms' $3.2 billion IPO was fully subscribed in less than two hours of public bidding on Wednesday, as investors flocked to India's largest share sale and the first from billionaire Mukesh Ambani's Reliance in two decades.
New agreement to support Hatta Sustainable Waterfalls project

Dubai Municipality will assume responsibility for the management, operation and development of facilities at the Hatta Sustainable Waterfalls project under a new agreement with Dubai Electricity and Water Authority (DEWA).