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Fed Increases Rates By 1/4-Point Again With More To Come; Fin'l Markets Hardly Notice; Greenspan likely to hike at next 2 or 3 meetings, with 3.5% rate by Dec.(A)
Byline: CHRISTINA WISE
As expected, the Federal Reserve raised its overnight interest rate by 25 basis points on Wednesday and signaled it'll continue its policy of "measured" rate hikes.
The Fed has raised its fed funds target rate for six straight meetings since June, from 1% to 2.5%.
Financial markets took the Fed action and comments in stride. Stocks rose modestly, while bonds and the dollar were little changed.
The post-meeting statement was virtually identical to the one after its December meeting: Monetary policy remains "accommodative," productivity growth is "robust," the labor market continues to "improve gradually," and inflation should stay "relatively low."
The only change was that the Fed said energy prices are rising. In December, with oil prices in the low-$40s, it cited the "earlier" run-up in energy costs.
"Only one word changed from the Dec. 14 meeting, which wasn't really insightful either," said John Norris, senior portfolio manager and economist with Morgan Asset Management. "You almost have to chalk up this report as being on autopilot."
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