U.S. key interest rate rises

WASHINGTON ― The U.S. Federal Reserve has announced that it will raise short-term interest rates, the first time since last decade’s financial crisis that the regulator has taken that step. Heralded as a “vote of confidence” in the U.S. economic recovery, the announcement of increases to a range of 0.25-0.5% was widely hyped. Officials stressed that rates will rise gradually, subject to further economic improvement.