Fed interest rate: Federal Reserve hikes interest rate another quarter point today

13 June, 2018, 22:23 | Author: Regina Silva
  • A drink vendor moves past an electronic stock board of a securities firm in Tokyo. – AP

Fed drops reference from previous statements that it expected rates to be below neutral rate for "some time".

The latest increase, the second this year, will bring the benchmark federal-funds rate to a range between 1.75% and 2%. Rates for vehicle loans and variable-rate mortgages are also likely to increase.

The Fed announcement helped resolved a debate in financial markets over whether the Fed under Jerome Powell, who succeeded Janet Yellen as chairman in February, might see a need to signal a possible acceleration in rate hikes.

Stay tuned to FOX Business for coverage of Powell's remarks starting at 2:30 p.m. ET.

The Fed's short-term policy rate, a benchmark for a host of other borrowing costs, is now roughly equal to the rate of inflation, a breakthrough of sorts in the central bank's battle in recent years to return monetary policy to a normal footing.

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The Fed's new projection for the pace of rate hikes shows four rate this year and three in 2019 - both unchanged from its previous forecast in March - and one in 2020, down from the two that had been projected previously.

The unemployment rate is 3.8%, the lowest since 2000 and tied for the lowest reading since 1969.

Fed says economic activity rising at a solid rate, previously described growth as moderate.

We are closing into the FOMC's June policy decision and as the clocks tick closer to the decision timing, following are the expectations as forecasted by the economists and researchers of 8 major banks along with some thoughts on the future course of Fed's action. The Fed had said its key rate "is likely to remain, for some time, below levels that are expected to prevail in the longer run". Canada, the European Union and Mexico have all pledged to retaliate with tariffs on US imports, which some studies show could cost the USA close to 200,000 jobs.

Individual Fed policymakers have expressed concerns about the economic risks of a broad tit-for-tat tariff retaliation, but have said they would not change their policies or forecasts until those risks are realized.

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