Fed Raises Target Rate To November 2008 Levels (3rd Time in 11 Years) — FOMC Wants Two More in 2017

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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.

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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