The Federal Reserve on Tuesday raised U.S. interest rates for a 14th straight time, cautioning that borrowing costs may still need to move up while suggesting a 19-month rate rise campaign was near an end.
Meeting on the final day of Alan Greenspan’s 18-1/2 year tenure as chairman, the U.S. central bank’s Federal Open Market Committee voted unanimously to lift the benchmark federal funds rate a quarter-percentage point to 4.5 percent, the highest level since April 2001.