By  Trend

The United States’ benchmark interest rate will increase by 25 basis points to a range of 1 percent to 1.25 percent, now that the nation’s labor market and inflation have reached expected levels, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said in a statement on Wednesday, Sputnik reported.

"In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1 to 1-1/4 percent," the statement said.