Fed Raises Interest Rates

A statement released today by the Federal Reserve indicated that the Federal Open Market Committee voted unanimously to raise the target range for the federal funds rate to .25% to .75%, effective Dec. 15, 2016.

The Fed stated that this move to raise interest rates supports further strengthening of labor market conditions and a return to 2% inflation.

“Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year,” the statement said.

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