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Federal Reserve reporter Jennifer Schonberger breaks down the Fed’s January policy statement on the central bank’s interest rate hike and easing inflation.
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The Federal Reserve has raised interest rates for the third time this year, pushing the cost of borrowing to the highest level since the financial crisis.

The central bank’s decision to increase its benchmark rate by a quarter of a percentage point, to a range of 1.25 to 1.5 percent, was widely expected, and reflects the strength of the US economy.

The decision was unanimous among the 10 members of the Federal Open Market Committee, which sets the interest rate.

The Fed said the US economy was growing at a “solid” rate, and that the labor market had “strengthened further”.

The rate hike was the fifth since the Fed began raising rates from near-zero levels in December 2015.

The Fed said it expected to raise rates three more times next year, but did not specify when.

The rate increases are intended to keep inflation in check and prevent the economy from overheating.

The higher rates could also make it more expensive for consumers and businesses to borrow money, which could slow economic growth.

The Fed’s decision to raise rates is a sign that it believes the economy is strong enough to withstand higher borrowing costs.

It also signals that the Fed is confident that inflation will remain near its 2 percent target.

The rate hike is likely to be welcomed by savers, who have seen little benefit from the Fed’s easy-money policies in recent years.

But it could be a blow to borrowers, who will now have to pay more for mortgages, car loans and other forms of debt.

The Fed’s decision also has implications for financial markets, as higher rates could lead to higher borrowing costs for companies, and make it more expensive for investors to borrow money to buy stocks.

Overall, the Fed’s decision to raise rates is a sign that it believes the US economy is on solid footing and that inflation is under control.