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Fed Raises Rates, Eyes Three 2018 Hikes

But the FOMC omits a reference to the labor market strengthening further.

By Christopher Condon and Craig Torres, Bloomberg | Updated on December 13, 2017

Federal Reserve officials followed through on an expected interest-rate increase and raised their forecast for economic growth in 2018, even as they stuck with a projection for three hikes in the coming year.

“This change highlights that the committee expects the labor market to remain strong, with sustained job creation, ample opportunities for workers, and rising wages,” Chair Janet Yellen told reporters Wednesday in Washington following the decision. In her final scheduled press conference before stepping down on Feb. 3, Yellen also said she would do her utmost to ensure a smooth transition to her nominated successor, Jerome Powell.

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