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Fed Kicks Up Rates, Signals More Ahead With Economy Fine; 9th Straight Hike To 3.25%; Stocks, bond yields drop as upbeat policy-makers depress Wall St.'s mood.(A)
Byline: KIRK SHINKLE
Fed Chairman Alan Greenspan and his plan for "measured" interest rate hikes celebrated a one-year anniversary Thursday.
It included the kind of sentiment one would expect from a long-term relationship: optimism, but few surprises.
The Federal Reserve voted unanimously to raise the fed funds rate by 25 basis points to 3.25% at the end of its two-day meeting.
It's the ninth straight quarter-point hike, and the Fed signaled in its post-meeting statement that more are coming.
The Fed said keeping inflation at bay remains its key focus in an economy it sees as relatively healthy.
"Although energy prices have risen further, the expansion remains firm and labor market conditions continue to improve gradually. Pressures on inflation have stayed elevated, but longer-term inflation expectations remain well contained," the Fed said.
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