US rates rise to 2.25pc
By John Shovelan in Washington
The US Federal Reserve***39;s board has raised interest rates 0.25 of a per cent.
The Fed has continued its gradual rate rises, lifting them from historically low levels as the economy begins to grow.
In its last meeting of the year, the Fed set the funds rate at 2.25 per cent.
Its brief says the economy "appears to be growing at a moderate pace despite the earlier rise in energy prices and labour market conditions continue to improve gradually".
The Fed said future rates could be raised "at a pace that is likely to be measured".
Economists generally agree that the increase is part of a process to move the funds rate, which had been at extraordinarily low levels, up to about 4 per cent.