The US Federal Reserve has raised interest rates by 0.25 percentage points - its first increase since 2006. The move takes the range of rates banks offer to lend to each other overnight - the Federal Funds rate - to between 0.25% and 0.5%.
The US Federal Reserve has cut its growth forecast for 2014 because of the harsh winter weather. The central bank is now predicting growth of between 2.1% and 2.3% for this year, down from its March forecast of 2.8% to 3%. However in its accompanying statement, the bank said that economic activity had "rebounded in recent months".
Buried under the avalanche of reactions to presidential candidate Donald Trump's verbal attack against Muslims, the stream of headlines about the San Bernardino couple who shot and killed more than 14 people last week and the dissection of President Barack Obama's Sunday Oval speech about the war against the so-called Islamic State (IS) was a very significant announcement.
IMF chief Christine Lagarde is to stand trial in France for alleged negligence over a €404m ($438m; £294m); payment to a businessman in 2008.