Market Update: Fed hikes interest rate for first time in years
Today, the Federal Reserve Open Market Committee (FOMC) set the new target range for the Fed Funds rate at .25 percent to .50 percent. The market’s reaction was fairly quiet, as the FOMC had been transparent about their intentions to raise rates at today’s meeting for several months now.
Over the past week, financial markets have fluctuated largely due to the defeat in oil prices, which traded below $35 per barrel at one point. Post-FOMC, however, we have seen mortgage rates actually slightly improve and the US stock markets rebound higher.
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