Open Door.
To the surprise of precisely nobody, the Federal Reserve resumed its campaign of interest rate increases on Wednesday, pushing its target Fed Funds rate up another quarter of a percentage point to a range of 5.25%-5.50%, the highest level since J-Lo joined forces with Ja Rule to point out to us that she was real back in 2001. It marked the eleventh increase since March 2022, at which time the rate was near zero.
There were only the slightest of tweaks to the wording of the committee's eagerly-awaited June policy statement and no hint that the Fed might react to the improved and improving…
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