Washington (People's Daily) - US economy speculators remained unsurprised when the Federal Reserve released its statement announcing an interest rate increase of a quarter of a percentage point, landing at 1.5 percent. Today’s announcement marks the third rate-hike for 2017.

The Fed statement said it would accept changes in the economy allowing room for a 4 percent sustainable growth.

“It is challenging, however, to achieve growth” at those levels, Yellen said, pointing out the Fed has yet to independently score the new tax bill.

The Fed is relying on estimates from the Joint Tax Committee and analysts on their 2018 economic forecasts, which have yet to reveal growth influenced by new tax cuts at the 4 percent range.

The Fed lifted forecast expectations on economic growth for next year as the country’s economy grows stronger.

Averaging through disaster-related activity, job growth was solid as unemployment dropped.

The Fed statement also said that household spending increased for the year while growth in business fixed-investment gained momentum in the last quarters.

Over the past four years, US unemployment rate has dropped to 4.1 percent from 8 percent, and inflation has remained below the Fed's 2 percent target.

Inflation is expected to remain somewhat below 2 percent going into the year, but should stabilize at the 2 percent goal at next year’s mid-way mark. Near-term risks to the economic outlook appear roughly balanced, and the Fed will continue monitoring inflation developments closely.

US stocks moved higher on Wednesday. House and Senate Republicans reached their final tax deal. President Donald Trump said he would sign a tax bill with a 21 percent rate for corporations but added that a final corporate tax rate figure had not been set.

Responding to raises in Bitcoin, Yellen said at this time it plays a very small role in the payment system, "It is not a stable source of value and it does not constitute legal tender. It is a highly speculative asset."

Fed Chair Janet Yellen was expected to hold her final press conference as the first woman in United States history to serve as Fed Chair. She will formally step down in February when her four-year term ends.

Yellen’s replacement is Jerome Powell, and was selected by President Trump. Powell is currently awaiting final Senate confirmation after being cleared by the Senate Banking Committee 22-1.