As widely expected and loudly trumpeted, the Federal reserve, at yesterday’s FOMC meeting, increased the Fed Funds target rate by another 25 basis points aiming to keep this at a mid-point of between 2.25 and 2.5 per cent. Chairman Jerome Powell added, ‘’political considerations play no role in our decision about monetary policy.’’ The committee also trimmed expected increases in 2019 to two rate rises rather than the original three. This sent shares tumbling, including Facebook which lost 7 per cent of face value as it admitted to even more data breaches and Softbank, Japan’s biggest ever IPO, managed to drop 14.5 per cent from this week’s listing level.
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