As widely flagged, and as the futures yield curve had priced in a while ago, the US Federal Reserve raised its key rate by 25 basis points – which it described as ‘rising at a solid rate’ – so that the Fed Funds target is now between 1.75 and 2 per cent. The unusually short accompanying statement, running to just 320 words, also suggested another two 25 basis point increases apiece were due later this year.
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