Fed interest rate: Federal Reserve hikes interest rate another quarter point today

U.S. Stock Indexes

Powell was speaking at a press conference after the Fed announced its decision to raise interest rates. Ahead of the announcement, markets were pricing in a almost 100% chance of a rate hike.

Policymakers projected a slightly faster pace of rate increases in the coming months, with two additional hikes expected by the end of this year, compared to one previously.

The already historically low unemployment is projected to fall even further, ending the year at 3.6 per cent before settling at 3.5 per cent in 2019 and 2020.

In another hawkish development, the Fed has also removed its forward guidence in its monetary policy statement.

The euro traded at $1.1744, off last week's high of $1.1840 touched on June 7 though it was underpinned by expectations that the European Central Bank may drop a hint of winding up its stimulus after its policy meeting this week.

Along with rising interest rate expectations.

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That is a welcome step-up from the roughly 2-percent growth averaged throughout the recovery, which was plagued by a series of crises overseas and uncertainties at home, delaying the Fed's tightening plans.

The FOMC's economic growth forecasts were little changed, with 2018 GDP seen rising 2.8 per cent rather than 2.7 per cent, but unchanged at 2.4 per cent in 2019, and 2 per cent in 2020.

In its quarterly Summary of Economic Projections, officials projected the Fed's preferred inflation measure will accelerate only slightly, ending this year at 2.1 per cent rather than 1.9 per cent, and holding at that level through 2020.

Negative for gold though is that the central bank also forecasts tame inflation pressures throughout year.

The increase marks the highest level of interest rates in the United States since 2008.

"In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realised and expected economic conditions relative to its maximum employment objective and its symmetric 2 per cent inflation objective". The Fed previously nudged rates up in March. The central bank is aiming to keep record low unemployment and a glut of federal spending from pushing inflation beyond the Fed's 2 percent target. This article is strictly for informational purposes only. Inflation for the next two years is expected to remain at 2.1%, unchanged from the previous forecast. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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