WASHINGTON, March 15 (Xinhua) -- U.S. Federal Reserve on Wednesday raised interest rates for the third time since the 2008 global financial crisis, with the job market strengthening and inflation rising toward its target.

"In view of realized and expected labor market conditions and inflation," the central bank decided to raise the target range for the federal funds rate by 25 basis points to 0.75-1 percent, the Fed's policy-making committee said in a statement released after its two-day meeting.