The US Federal Reserve has raised short term interest rates for a third time this year, as expected, and has also flagged three more rate rises over 2018, reports the FT. The Fed increased the target range for the federal funds rate by a quarter point to 1.25 to 1.5 per cent. The UK's Financial Conduct Authority has given senior asset management staff more time to prepare for sweeping new conduct rules, giving what one lawyer described as "an early Christmas present" to asset managers, reports the FT. The FCA said that plans to extend the Senior Managers Regime to all part of the UK's financial services industry next year would now apply to insurers from late 2018 and to all other financial companies (including asset managers) from mid to late 2019.