The US Federal Reserve has raised interest rates by a quarter of a percentage point but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in US economic growth.

The November meeting of the US Federal Reserve, back at the start of the month, saw the Central Bank maintain the target range for the fed funds rate at 1%-1.25%. The decision to leave rates unchanged was unanimous.

With the US Federal Reserve expected to leave interest rates on hold this week, the market will be focusing on policymakers for clear signals on when the central bank will make its first interest rate hike in nearly a decade.