The Federal Reserve announced on Wednesday it had decided to raise rates for the first time since 2006, voting to move the federal funds rate target range to 0.25% to 0.50%.
Committee members’ median forecast for the federal funds rate in 2016 is 1.4%, rising to 2.4% and 3.3% in 2017 and 2018, respectively.
It should be noted that at the Fed’s December 2014 meeting, only two of 17 FOMC members’ forecast the fed funds rate to be at its current level at the end of 2015.
