The US Federal Reserve lifted interest rates by a quarter point to 2 per cent and chairman Jay Powell signalled that two more increases are likely in 2018 amid accelerating growth and rapid job creation
You can enable subtitles (captions) in the video player
As I mentioned, today we took another step in gradually scaling back monetary policy accommodation by raising the target range for the federal funds rate by a quarter percentage point, bringing it to 1 and 3/4% to 2%.
We also made some changes to our policy statement, reflecting that policy normalisation is proceeding broadly as we have expected. None of these changes signals a change in our policy views.
Economic growth appears to have picked up in the current quarter, largely reflecting a bounce-back in household spending. Business investment continues to grow strongly, and the overall outlook for growth remains favourable.