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The US central bank has raised interest rates for the first time in almost a decade. We discuss the likely implications with ex Federal Reserve board member Randy Kroszner, and Andrew Sentance who is a former member of the Bank of England's Monetary Policy Committee. Also in the programme, a series of reports from Brazil, Turkey, South Africa and Malaysia, exploring the likely impact on emerging economies of a turn to higher interest rates in the US.

(Picture: Federal Reserve Chair Janet Yellen. Picture credit: Getty Images.)