The chair of the Federal Reserve made an announcement regarding the anticipated interest rate hike after a policy meeting.
Jerome Powell was expected to announce the speeding up of the end of pandemic-era bond purchases.
Mr Powell confirmed a turn to interest rate increases next year as a guard against surging inflation.
The 19-member policy committee raised their benchmark rate by a quarter-point to a range of 4.5 per cent to 4.75 per cent.
That is the highest level set in around 15 years, and the move could see an increase in rates of borrowing for consumers and companies.
Financial markets have strengthened in anticipation of lower rates ahead.
Jerome Powell delivered the statement in Washington after the conclusion of the meeting on Wednesday, 1 February.
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