Fed raises rates, suggests may be nearing end

The Federal Reserve raised US interest rates to the highest point in more than five years Thursday 29 June and suggested the rate hike cycle may be nearing the end.

The Federal Open Market Committee (FOMC) said in its statement that "the extent and timing" of any additional rate increases would depend on how inflation and economic activity unfold.

The FOMC also dropped a phrase -- contained in a statement issued at their last meeting on 10 May -- that further interest rate increases "may yet be