The US Federal Reserve on Wednesday raised the benchmark interest rate a quarter point, noting that inflation is moving closer to the central bank's two percent target.

But in announcing the first move since President Donald Trump took office, the Fed gave no hint that rates might have to rise more quickly if the White House pushes through its pro-growth policies, including tax cuts and spending programs.

The Fed's policy-setting Federal Open Market Committee voted to raise the key federal funds rate to a range of 0.75-1.0 percent, although there was one dissenting voice.