U.S. Fed raises interest rates for fourth time this year

WASHINGTON, Dec. 19 (Xinhua) -- The U.S. Federal Reserve on Wednesday raised short-term interest rates by a quarter of a percentage point, its fourth rate hike this year and the ninth such move since late 2015.

"In view of realized and expected labor market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent," the Fed said in a statement after concluding a two-day policy meeting.