FOMC signals hawkish outlook as it hikes

Federal Reserve chair Janet Yellen
Janet Yellen: past year has seen "solid progress"

The Federal Open Market Committee (FOMC) hiked the federal funds rate today (December 14), only the second such move since rates hit rock bottom after the 2008 crisis.

After a year of many delays - when it hiked almost exactly a year ago, the Fed's median projections implied rates would hit 1.4% in 2016 - the FOMC once again voted to raise the policy rate 25 basis points, in a unanimous decision. The target range for the federal funds rate is now 0.5-0.75%.

At a press conference, Fed chair Janet

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