Fed sees stronger pick up in growth

The Federal Open Market Committee decided on Tuesday 10 August to raise its target for the federal funds rate by 25 basis points to 1-1/2 percent. In its press release the FOMC maintained its stance that policy accommodation could be removed at a measured pace and noted that the US economy is likely to resume a stronger pace of expansion.

The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in produc