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Today Federal Reserve Board Chairwoman Janet Yellen announced that the Federal Open Market Committee (FOMC) voted to raise the federal funds rate for the first time in almost 10 years. This initial rate hike is largely symbolic and the action is just the first step in what will likely be a very lengthy process of monetary policy normalization. It reflects the growing consensus that the economic foundation propelling the current expansion is solid. More importantly, it also signals that the FOMC believes the labor market is close enough to—or already at full employment. Despite core inflation hovering below the 2% target typically associated with price stability, the major impetus for the decision today was the rebound in several job market indicators.
Source : Cushman & Wakefield
