Federal Reserve brings end to era of historically low interest rates

Central bank decision to raise interest rates after six years comes after months of impressive jobs growth, but IMF director warns of market 'temper tantrum'

The US Federal Reserve called time on an era of historically low interest rates on Wednesday.

In its latest statement on the health of the US economy the central bank moved away from a pledge to be "patient" before deciding to raise interest rates. Economists expect that interest rates could now rise by the end of the summer, the first rise in more than six years.