Fed raises rates for third time in 2017

Moved up to 1.25-1.5%

The Federal Reserve has raised rates for the third time from a range of 1% to 1.25% to a range of 1.25% to 1.5% at its last meeting for the year.

The meeting of the Federal Open Market Committee (FOMC) was the penultimate meeting for chairman Janet Yellen who will step down in February and be replaced by Jerome Powell.  Rates were moved from a range of 1% to 1.25% to a range of 1.25% to 1.5%, although this had been largely priced in by markets. The move brings interest rates to the highest level since the fall of Lehman Brothers and is the fifth hike in Yellen's tenure. This makes the third time the Fed has raised rates this year and indicates the central bank has stuck to its "dot plot" of three rises in 2017.  She was s...