Fed expected to raise rates again

The Federal Reserve was widely expected to raise US interest rates on Tuesday 1 November, as the American economy continues strong growth.

With both US gross domestic product (GDP) and consumer spending rising, the Fed was predicted to raise the base rate by 0.25% to 4% to control inflation.

The expected increase would represent the 12th in succession by the US central bank.

Consumer spending during the quarter increased by 3.9%, government figures showed, while business spending was up 8.9%, an