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The Federal Reserve has voted to raise its benchmark interest rate for the third time this year, fueled by a strong economy.

He downplayed the threat during Congressional testimony in July, but President Donald Trump has since imposed tariffs on an additional $200 billion worth of Chinese goods, and threatened to impose duties that would cover half of all imports from the world's second-largest economy.

"We're doing great as a country". Now that the average rate is 4.99 percent, new auto purchasers would be paying $998 a year in annual interest, Barrington said.

The policy meeting also marked the removal of the phrase "the stance of monetary policy remains accommodative" from the Fed's statement.

Federal Reserve chair Jerome Powell will have more to say on the bank's line of thinking at a news conference at 2:30 p.m. ET on Wednesday.

The U.S. central bank still foresees another rate hike in December, three more next year, and one increase in 2020.

China's central bank is expected to keep borrowing costs on hold through the end of this year despite further Federal Reserve rate hikes from this week, as economic growth slows and the trade war with the USA gets worse.

The central bank expects unemployment to begin rising to 3.7 per cent at the end of 2021.

Key Indian equity market indices on Thursday opened higher despite a muted trend in Asian markets and rate hike by the US Fed.

Higher interest rates make borrowing more expensive, slowing economic activity and curbing price inflation.

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United States gross domestic product grew at an annual pace of more than 4% in the second quarter of this year, and the unemployment rate continues to hover below 4% - near historic lows.

Rates are still low, but investors worry a quick jump would unsettle markets and halt what's become the longest bull market for US stocks on record.

There were no dissents in the Fed's policy statement. "I'd rather pay down debt or do other things, create more jobs, so I'm anxious about the fact that they seem to like raising interest rates".

By removing that language, the Fed may be signalling its resolve to keep raising rates.

"It confirmed that the economy continues to respond positively to the tax cuts and deregulation that were implemented, and that the trend will continue to be higher interest rates, but nothing alarming where it could shake the markets", said Alan Lancz, president of Alan B. Lancz & Associates. He said the Fed does not factor politics into its decisions.

The Fed's statement describes USA economic conditions as "strong" a number of times.

For now, the chairman has maintained that gradual interest-rate increases are the best way to balance those risks.

The Fed's concern is that that could lead to the "loss of business confidence and that can reduce investment". "We don't see it yet but you could see retail prices moving up", he said.

The rate is seen rising to 3.1 percent in 2019 - the same as the last forecast - which indicates three more moves, as inflation is expected to hold at the Fed's goal of two percent. Chairman Powell, in his first testimony to Congress in February of 2018, sensed the change, stating that "some of the headwinds the USA economy faced in previous years have turned into tailwinds".

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