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Fed Hikes Rates; One More Increase Expected in 2017

Posted on 6/15/2017

As expected by many analysts, the Federal Open Market Committee decided yesterday to raise the target federal funds rate to 1 to 1.25 percent -- the second of 2017 and the fourth since the committee resumed rate hikes in December 2015. According to the FOMC statement, all but one committee member -- Minneapolis Fed President Neel Kashkari -- voted for the increase.

FOMC members noted that economic growth remained moderate and that the labor market had strengthened despite some moderation in the rate of job growth. They also expected inflation, which has been running somewhat below the committee's 2 percent benchmark, to stabilize around 2 percent in the "medium term." Economic projections released yesterday showed that most FOMC members expect the target rate at the end of the year to be between 1.25 and 1.5 percent, signifying one more expected rate increase in 2017.

Read the FOMC statement here

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