Summary

Per the expectation of virtually everyone, the Federal Open Market Committee today announced its decision to increase the target rate on federal funds by 25 basis points, from 2.50% to 2.75%.  Concurrently, the Federal Reserve Board of Governors announced a quarter-point increase in the Discount Rate, from 3.50% to 3.75%.  As I expected, the post-meeting statement did contain some critical shifts, although they were subtle ones.

http://www.gillespieresearch.com/cgi-bin/s/article/id=502