September FOMC: Fed Hikes to 4% in Hawkish Surprise
The Federal Reserve raised its benchmark rate by a quarter point on September 16, moving the target range to 3-3/4 to 4 percent on a unanimous 12-0 vote. Consensus going into the meeting, recorded in our event calendar, was a hold at 3-1/2 to 3-3/4 percent, and markets priced no change. Our What to Watch: September FOMC Decision preview set out the setup going in. The Fed delivered the opposite: a hike that the three July dissenters who wanted one were no longer alone in requesting.
Key Takeaways The Fed hiked 25 basis points to a 3-3/4 to 4 percent target range on a unanimous 12-0 vote, against a consensus that priced no change. The September dot plot median puts the fed funds rate at 4.1 pe…
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