Fed hikes interest rate by 25 basis points

September 27, 2018 00:05

As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points, that now takes the rate to a range of 2 per cent to 2.25 per cent, where it last was in April 2008.

This is the eighth increase since the Fed began normalizing policy in December 2015.

According to CNBC, the FOMC continued to project one more hike before the end of the year and three in 2019.

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