Fed set to begin 'measured' rate-rise campaign

Federal Reserve officials are set to raise interest rates Tuesday 29 June for the first time in four years -- the first step in what they have said will be a "measured" campaign to keep inflation under control as the US economy strengthens.

The Fed's policy-setting Federal Open Market Committee was due to meet on Tuesday and Wednesday and is widely expected to raise overnight borrowing costs a modest quarter-percentage point from the current 46-year low of 1 percent.

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