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Fed raises rates for 3rd time this year with 1 more expected

  • by Rex Christensen
  • in Economy
  • — Sep 27, 2018
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President Donald Trump said Wednesday he's "not happy" about the Federal Reserve's decision hours earlier to raise interest rates for a third time this year. The Fed on Wednesday lifted its short-term rate - a benchmark for many consumer and business loans - by a quarter-point to a range of 2 percent to 2.25 percent. Officials have forecast a total of four rate increases this year, followed by three in 2019, amid rising inflation and strong US hiring. Trump has complained that raising interest rates works against his efforts to grow the economy at a faster clip. If the Fed finds that prospect likely, it might signal Wednesday that it expects to slow its rate increases next year. I'm anxious about the fact that they seem to like raising interest rates.

"We don't consider political factors or things like that", the Fed chief said. Eastern time to explain the rate hike.

The Fed's latest projections show the economy continuing at a steady pace through 2019, with gross domestic product growth seen at 2.5 percent next year before slowing to 2.0 percent in 2020 and to 1.8 percent in 2021, as the impact of recent tax cuts and government spending fade. There's ongoing debate about whether 3 percent (or another number) is the "neutral" or "normal" level of interest rates, meaning that's the rate that doesn't boost or curtail the economy. "Are they seeing more fiscal policy showing through to aggregate demand than they thought?" said William English, a professor at Yale and former director of the Fed's Division of Monetary Affairs.

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