To no ones’ surprise, The Federal Reserve Open Market Committee (FOMC) raised the upper bound of their Fed Funds Target rate to 1.00%. Here is the statement.
We are now back to November 2007 levels. That is the 3rd increase in 11 years.
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On the Fed Funds rate increase, the benchmark US Treasury 10 year yield declined around 6 basis points.
And the 10Y-2Y Treasury yield curve was declining before the announcement, rose, then began to fall again.
The Fed’s Dot Projection?
So, Janet Yellen and The Fed are “back in the saddle again.”
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