USA Fed Funds Rate Hike Today

Today, the last day of the reign of Alan Greenspan as Federal Reserve System Chairman, the FRS announced an increase in its target for the interbank overnight loan rate, commonly known as the federal funds rate, from 4.25% to 4.50%.

This move was widely expected in financial circles. The dollar seems to be selling off against the pound sterling, euro, and yen on the news.

Benjamin S. Bernanke will succeed Mr. Greenspan.

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