The US Federal Reserve decided to raise its key rate for the first time in more than three years to combat inflation. Financial authorities said the move is expected to have a limited effect on financial markets because investors had already priced in the decision. The assessment was made at a meeting chaired by Finance Minister Koo Yun-cheol and attended by Bank of Korea Gov. Shin Hyun-song, Financial Services Commission Chairman Lee Eog-weon and Financial Supervisory Service Gov. Lee.