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Federal Reserve

Fed moves up rates

PUBLISHED : Wednesday, 17 November, 1999, 12:00am
UPDATED : Wednesday, 17 November, 1999, 12:00am

Federal Reserve policy-makers raised the US overnight bank lending rate by a quarter percentage point to 5.5 per cent and signaled they do not see a likelihood for further increases anytime soon.


'Although cost pressures appear generally contained, risks to sustainable growth persist,' the central bank's policy-setting Open Market Committee said in a statement.


The Fed's Board of Governors also voted to raise the more symbolic discount rate by 25 basis points to 5 per cent.