Fed raises rates by further 0.25%; signals one more hike this year

Following a two-day meeting, the Federal Open Market Committee (FOMC) has voted by a majority of 8 to 1 to increase the Federal Funds Rate to 1%-1.25% from 0.75%-1%. This is the Fed's third consecutive quarterly increase after the central bank hiked rates in March and December 2016, by 25 basis points (bps) each time. Interest rates moved upwards for the first time since 2006 back in December 2015 from lows of 0%-0.25%. The central bank is also still on track to raise rates one more time this year, according to the FOMC's projections which have remained unchanged since its March me...