US Fed raises rates to highest level since 2001

The US Federal Reserve raised its benchmark lending rate on Wednesday to the highest level since 2001 to tackle above-target inflation, and signaled the possibility of further increases ahead.  

The quarter percentage-point rise lifts the key lending rate to a range between 5.25 percent and 5.5 percent, the US central bank said, adding that it will "continue to assess additional information and its implications for monetary policy."