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Fed Raises Interest Rates For Second Time In 2017
Fed Raises Interest Rates For Second Time In 2017
The Fed did what was widely expected, increased the federal funds rate by 0.25% to a range of 1% to 1.25%. As is the usually the case, the analysis is running wild from economists. The policy statement was more data than normal, the question of course is, is the Fed on track with reality? It is the Fed, so not many are willing to step out and argue with it, especially with the optimistic outlook presented. Currently, the Fed expects another increase this year, three next year and three more in 2019; be careful here, that may be the reality over time, but we don’t believe the Fed or any other analytic body can look out three years with any degree of confidence...more wishful thinking.
Here are some key highlights of their announcement:
Economic activity has been rising moderately so far this year. Household spending has picked up in recent months, and business fixed investment has continued to expand. On a 12-month basis, inflation has declined recently and, like the measure excluding food and energy prices is running somewhat below 2 percent. Market-based measures of inflation compensation remain low. The stance of monetary policy ... more

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