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US Federal Reserve Delivers 7th Quarter Point Rise in Interest Rates

The U.S. Federal Reserve has raised interest rates a quarter point to 2.75 percent.

The central bank's Federal Open Market Committee issued a statement Tuesday, saying it plans to continue to carry out further increases at what it called "measured" pace to stave off inflation.

The committee said pressures on inflation have picked up in recent months and pricing power is more evident. The committee also said found that rising energy prices had no, in its words, "notably fed through to core consumer prices.”

This is the bank's seventh straight quarter-point increase since June.

Some information for this story provided by AFP and Reuters.