Federal Reserve Raises Rates for the First Time Since 2016

The U.S. Federal Reserve has raised interest rates by 0.25%. The committee decided to raise the target range for the federal funds rate to 0.5% to 0.75%. The decision takes effect on December 15, 2016. The move was widely expected. This is the first benchmark interest rate increase in 2016 and only the second rate increase in the last decade.

This is the second interest rate increase the U.S. President Barack Obama’s administration will preside over. The incoming Trump administration may have to operate in a rising interest rate environment.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Esther L. George; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo.

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