The U.S. Federal Reserve raised its benchmark interest rate by a quarter percentage point to a range of two-point-25 percent to two-point-five percent on Wednesday. 

The latest hike is the fourth this year following quarter percentage point increases in March, June and September. 

The Federal Open Market Committee raised the key rate following their two-day meeting, citing sustained expansion of economic activity, strong labor market conditions and inflation near the Committee’s two percent objective over the medium term. 

Fed officials slashed their outlook for interest rates, and now expect two hikes rather than three in the coming year. 

With the latest hike, the difference between U.S. and South Korean interest rates has widened to point-75 percentage points.