Fed raises interest rates: Screws our day up….

The Federal Reserve on Wednesday raised its target short-term interest rate by a quarter of a percentage point for the second time this year, citing falling unemployment and rising inflation. The Fed also indicated that it probably would raise rates two more times this year, up from the single hike previously expected. The move pushes the target rate, which is closely linked with credit cards and home equity credit lines, to a range of 1.75 percent to 2 percent. Stocks edged down after the news, and U.S. stock futures inched down early Thursday. Investors had expected the hike but markets had been pricing in just a 46.5 percent chance of four increases this year, after the Fed indicated in May that three rate hikes were likely.

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