The U.S. Federal Reserve on Wednesday raised its benchmark interest rate for the third time in a year, pushing the upper bound of the widely monitored rate range to 2.25 per cent. For several decisions in a row, the central bank has included the line "the stance of monetary policy remains accommodative" in its rate decisions. "Interest rates are going up across a broad range of consumer borrowing," Powell said, while adding that they are "still quite low by historical levels." The central bank expects unemployment to begin rising to 3.7 per cent at the end of in 2021. The Fed would normally respond to weaker growth by cutting interest rates.

Source: CBC News September 26, 2018 18:04 UTC