FEDERAL RESERVE RAISES INTEREST RATES FOR FIRST TIME IN 2018
Source: Housing Wire
As expected, the Federal Reserve announced Wednesday that it is increasing the federal funds rate for the first time in 2018.
Earlier this year, observers placed the likelihood of the Fed increasing rates by 25 basis points at the end of its March meeting at more than 75%.
And Wednesday, that’s just what the Fed did.
Citing the strength of the economy, the Federal Open Market Committee voted to increase the target range for the federal funds rate to between 1.5% and 1.75%.
Previously, the target range was 1.25% to 1.5%.
“Information received since the Federal Open Market Committee met in January indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate,” the Fed said in a statement.
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