US Federal Reserve raises short-term interest rates again

Move is the eighth since 2015 as the central bank aims to unwind years of historically low rates

The US Federal Reserve raised short-term interest rates again on Wednesday, the eighth such move since 2015 as the central bank moves to unwind years of historically low rates.

After a two-day meeting the Fed announced a quarter percentage point rise in its benchmark rate to a range of 2% to 2.25%. The rate is used to set credit card, mortgage and loan rates and will trigger rises across the board for consumers.