The US Federal Reserve has raised interest rates for only the second time in a decade.

Janet Yellen, the chairman of the Fed, described the move as “a reflection of the confidence we have in the progress that the economy has made and our judgment that progress will continue”.

But with “considerable uncertainty” surrounding the economic outlook, how is Donald Trump’s election as US president likely to shape the path of interest rates?

How did we get to this point?

After the financial crisis, the Fed slashed rates close to zero in a bid to support economic activity and prevent a bigger rise in unemployment.

It kept them there until December 2015, when it raised its target range to between 0.25pc and 0.5pc.