US Federal Reserve raises interest rates again

The US Federal Reserve has agreed to raise interest rates by 0.25%, the third rate rise in 2017, BBC reports.

Policymakers at the US central bank say the move, which was widely expected, underscores "solid" gains in the US economy.

Officials also boosted their economic forecasts, projecting 2.5% growth in GDP in 2017 and 2018.

The Fed said it expected to make three further increases in rates next year, unchanged from its previous forecast.

The Fed is targeting a range of 1.25% to 1.5% for its benchmark rate. A majority of officials also said they believe interest rates are on track to exceed 2% in 2018.