Federal Reserve raises interest rates

After Nine Years Of US Recovery, Fed Sheds Anxieties

The Federal Reserve raised United States interest rates again on Wednesday, the seventh increase since 2015 when the central bank resumed raising rates after the last recession.

The so-called " dot plot" released Wednesday showed eight Fed policy makers expected four or more quarter-point rate increases for the full year, compared with seven officials during the previous forecast round in March.

The Fed move came after a two-day meeting where its members discussed the robust state of the U.S. economy and the potential impact of a trade war amid rising tension between the USA and its largest trading partners.

The latest increase, the second this year, will bring the benchmark federal-funds rate to a range between 1.75% and 2%.

The Federal Open Market Committee indicated that even though it's stepping up the pace of interest-rate hikes, economic growth should continue apace. The central bank is aiming to keep record low unemployment and a glut of federal spending from pushing inflation beyond the Fed's 2 percent target.

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Fed says further gradual rate increases will be consistent with sustained economic growth, strong labor market and inflation near 2 percent over medium term.

Rates for savers have tended to lag the Fed's hikes. For 2020, the Fed foresees a median rate of 3.4 percent. He'll likely address the decision to hike rates and the Fed's views on the overall economic outlook. Unemployment is already at 3.8 percent, the lowest since 2000, and the Fed believes it will fall to 3.6 percent by the end of the year, which would be the best rate since the 1960s. Investors had given just over a 91 percent chance of a rate rise on Wednesday, according to an analysis by CME Group.

While many economists think the current expansion will exceed the 1990's streak, some worry about what might occur once the impact of the tax cuts begin to fade and the Fed's gradual rate hikes begin to curb growth.

Trump's imposition of tariffs on steel and aluminum imports has enraged USA allies.

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