Fed Widely Expected to Raise Interest Rates for First Time in Three Years
Traders assign over 90% probability to a quarter-point hike as the Federal Open Market Committee meets, according to CNBC.
The Federal Reserve's policysetting committee is expected to raise interest rates for the first time in three years, according to a report by CNBC published Wednesday.
Traders have assigned a probability of more than 90% that the Federal Open Market Committee (FOMC) will vote to raise the overnight funds rate by a quarter of a percentage point, CNBC reported, citing market pricing data.
The anticipated move would mark the central bank's first rate increase in three years, based on the report. CNBC did not specify the current level of the federal funds rate or provide additional details on the committee's broader policy stance in the excerpt reviewed.
The FOMC meeting was ongoing as of the report's publication, with further updates expected as the central bank's decision and accompanying statement are released.
This report is based on information provided by CNBC's live coverage of the Fed meeting. Additional details on the rationale behind the expected rate hike, the committee's economic outlook, and reactions from financial markets were not included in the excerpt available at the time of this article's publication.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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