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| Version 0 | Version 1 |
|---|---|
| US raises benchmark rate by 0.25% | US raises benchmark rate by 0.25% |
| (35 minutes later) | |
| The US Federal Reserve has raised its benchmark interest rate by 0.25% for only the third time in a decade. | The US Federal Reserve has raised its benchmark interest rate by 0.25% for only the third time in a decade. |
| The central bank voted to raise its key rate target to a range of 0.75% to 1%. | The central bank voted to raise its key rate target to a range of 0.75% to 1%. |
| The Fed had been expected to raise rates after a robust February jobs report, solid pay gains, rising inflation and a dip in the unemployment rate to 4.7%. | The Fed had been expected to raise rates after a robust February jobs report, solid pay gains, rising inflation and a dip in the unemployment rate to 4.7%. |
| Federal Reserve policymakers are expected to increase rates a total of three times this year. | Federal Reserve policymakers are expected to increase rates a total of three times this year. |
| Fed Chair Janet Yellen said the committee judged that a "modest increase" in the rate is appropriate "in light of the economy's solid progress." | |
| "Even after this increase, monetary policy remains accommodative, thus supporting some further strengthening in the job market, and a sustained return to 2% inflation," she added. | |
| The decision was approved with a 9-1 vote. Neel Kashkari, the head of the Fed's regional bank in Minneapolis, cast the dissenting vote. | The decision was approved with a 9-1 vote. Neel Kashkari, the head of the Fed's regional bank in Minneapolis, cast the dissenting vote. |
| Wall Street stock indexes jumped after the announcement, with the Dow Jones Industrial Average up 92 points at 20,929 in afternoon trading. | |
| The Fed aims to keep the cost of lending between banks within a specified band, which it does by buying or selling financial assets. | The Fed aims to keep the cost of lending between banks within a specified band, which it does by buying or selling financial assets. |
| It is raising that band by a quarter of a percent. | It is raising that band by a quarter of a percent. |