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FED RAISES RATES FOR THIRD TIME IN 2017
The FOMC increased the federal funds rate to 1.50% from 1.25%, no surprise with everyone expecting it. Two Fed FOMC members voted against the increase; Evans of Chicago and Kashkari of Minneapolis. Interpreting the statement market’s initial reaction was that the Fed will move three times in 2018 as was widely believed; a word of caution, however, it isn’t a sure thing yet and is dependent on economic improvement and some belief inflation is moving up. Nevertheless, that is the consensus momentarily. Bank Prime rate now 4.50% now.
FOMC points:
Household spending has been expanding at a moderate rate, On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below 2 percent. Inflation on a 12-month basis is expected to remain somewhat below 2 percent in the near term but to stabilize around the Committee’s 2 percent objective over the medium term. Hurricane-related disruptions and rebuilding have affected economic activity, employment, and inflation in recent months but have not materially altered the outlook for the national economy. The Committee continues to expect that, with gradual adjustments in the stance of monetary policy, The Committee expects that economic conditions will evolve ... more

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