In a widely expected move, the Federal Reserve announced its decision to raise interest rates by a quarter point on Wednesday. The central bank said its Federal Open Market Committee decided to raise the target range for the federal funds rate by 25 basis points to 2.
Source: www.rttnews.com
The Federal Reserve raised interest rates by 0.25 basis points to 2.5% from 2.25% previously. Fed noted the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Annual rates of both overall inflation and core inflation were estimated to remain near the Fed’s 2% percent target. Going forward, Fed plans to have two rate hikes in 2019 compared to the previous forecast for three.
