The Federal Reserve raised interest rates on Wednesday for the third time this year and signaled they will raise rates again in December.
On Wednesday, the Fed announced an increase in the target range for its benchmark interest rate of 25 basis points to 2%-2.25%, setting the Fed funds rate at its highest level since April 2008. All nine voting members of the FOMC voted in favor of Wednesday’s decision.
The most notable change in Wednesday’s statement was the removal of language indicating the Fed sees its policy as “accommodative.” In its August statement, the Fed said, “The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.”
The removal of this language indicates that Fed officials see their current interest rate policy as nearing the level that is estimated to sustain full employment while meeting the Fed’s 2% inflation target.
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