The Federal Reserve lifted short-term interest rates for a third time this year and predicted more increases to follow in the new year as Janet Yellen prepares to hand over the chair amid robust hiring and surging financial markets.
The US central bank’s Federal Open Market Committee increased the target range for the federal funds rate by a quarter point to 1.25-1.5 per cent. Policymakers’ median forecast was for another three quarter-point increases in 2018 and two in 2019, even as they acknowledged inflation is continuing to undershoot their target.
Two policymakers – Charles Evans of Chicago and Neel Kashkari of Minneapolis — dissented against the decision to tighten policy, having previously flagged up concerns about sluggish inflation.
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