The Federal Open Market Committee decided on Tuesday 14 December to raise its target for the federal funds rate by 25 basis points to 2-1/4 percent. In its press release the FOMC signalled there had been no change in its assessment of current economic conditions.
The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Output appears to
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