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September 25, 2018

Fed expected to raise rates for 3rd time

moneyThe Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, begins a two-day meeting today and is expected to raise rates for the third time this year.

The committee last raised the federal funds target rate to the current range of 1.75 to 2 percent at the end of its June meeting. Minutes from the August meeting revealed committee members' positive perceptions of the economy, including "a strong labor market, stimulative federal tax and spending policies, accommodative financial conditions, and continued high levels of household and business confidence."

After reviewing recent inflation data, NAFCU Chief Economist and Vice President of Research Curt Long said that in addition to a rate hike this month, "odds also favor another rate hike in December."

NAFCU's research team will issue a Macro Data Flash on the results of the FOMC's meeting Wednesday.

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