The U.S. Federal Reserve today increased its key interest rate by 25 basis points. The increase left the Fed’s target for the federal funds rate at 4.25%.
It was the 13th consecutive quarter-point move since the Fed began raising interest rates in June 2004, when the funds rate was 1%.
The Fed signalled that the rate hikes were coming to an end by dropping the description of current rate hikes as “accommodative” in its statement.
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