US Fed raises interest rates by a quarter-point

The quarter-point increase lifts the target range to between 5.0% and 5.25%

Representative Image. Credit: iStock Photo

The US Federal Reserve raised its benchmark lending rate for a tenth consecutive time on Wednesday and signaled it would consider the impact of earlier rate hikes on future decisions.

The quarter-point increase lifts the target range to between 5.0 percent and 5.25 percent, the central bank said in a statement, adding that it would "take into account" the impact of tighter monetary policy and "economic and financial developments" going forward.