On Wednesday, June 15, the Federal Open Market Committee (FOMC) raised the federal funds rate by 75 basis points (bps; 100 bps equal 1.00%) to a new range of 1.50%‒1.75% by a vote of 10-1—an outcome that was very far from consensus as recently as Friday, June 10.
On Wednesday, the Federal Open Market Committee (FOMC) raised the federal funds rate by 50 basis points (bps; 100 bps equal 1.00%) to a new range of 0.75%‒1.00%. This was widely expected by the market, and the vote was 10-0.
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