In a landmark step, the US central bank announced a quarter-point increase in the target range for the federal funds rate to 0.25-0.5 per cent, lifting it from the historic lows it has occupied since December 2008, when the US was mired in an economic crisis that would ultimately drive unemployment to 10 per cent.
The increase comes amid signs of a steady US recovery, with consumer spending growth holding firm and unemployment standing at just 5 per cent, lower than the 5.3 per cent rate that was prevailing when the Fed last kick-started an interest rate-raising cycle in 2004.
Always useful to know what economic data will have impact on the day.
ReplyDeleteVery interesting post, thanks.
ReplyDeleteGreat post!
ReplyDeleteInteresting to read, thank you.
ReplyDeleteAt last indeed, waiting is over.
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