US Federal Reserve officials, meeting for the first time under chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of rate hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three interest rate hikes this year. The upward revision in their rate path suggests US Fed officials are looking through soft first-quarter economic reports and expect a lift this year and next from tax cuts passed by Republicans in December.

(Live Mint)