The Fed Voted 12-0 to Raise Interest Rates for the First Time in 3 Years. Here’s How a 3.75%-4% Fed Funds Rate Impacts Housing Stocks.
Not only did the Federal Open Market Committee raise interest rates, but most committee members expect another hike this year.
Overview
After weeks of speculation, the Federal Open Market Committee (FOMC), which sets monetary policy on behalf of the Federal Reserve, has raised interest rates for the first time in three years.
The FOMC increased its benchmark overnight lending rate, the federal funds rate, by a quarter point to a range of 3.75% to 4%. Voting members on the committee voted unanimously to raise interest rates.
Details
The market had widely expected the hike.
Source
Originally published at www.fool.com.
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