Federal Reserve policy makers have raised their benchmark interest rate by half a percentage point and intend to go higher.

The central bank raised two short-term rates by half a percentage point each, more than most analysts had expected.

The Bundesbank raised its key discount rate by half a percentage point, to 3 percent.

Several major banks raised their prime rate by half a percentage point, to 10 percent, the highest level since June 1985.

The plan would also allow Suffolk to raise its portion of the sales tax by half a percentage point, to 4.5 percent.

This would have the effect on monthly payments equal to that of raising the interest rate by half a percentage point.

Market participants said the Bank of Japan's decision to raise its discount rate by half a percentage point, to 3.75 percent, was unexpected.

Such a move would be a sharp departure from the Fed's usual practice of raising rates by a quarter or half a percentage point.

The Fed is expected to raise rates by half a percentage point today.

The Bank of Japan said today that it would raise its discount rate by half a percentage point, to 4.25 percent.