As expected, the FOMC last night raised the Federal funds rate range to 0.75% to 1%, but stuck with prior projections for three rates in 2017 despite growing inflationary pressures and a potential fiscal stimulus before year-end. Expectations of at least four hikes in 2017 had been growing in the run-up to the meeting and the dollar weakened and Treasury yields fell on the back of the statement. The median projected rate for end-2017 was 1.375%, unchanged on December projections, while GDP growth was projected at 2.1% as the FOMC stuck broadly with the language and guidance of previous statements.
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