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Fed Raises Key Rate to 3.5%, Continuing String of Increases

Contributed by mm | August 9, 2005 1:06 PM PST





Are we in the tenth inning or what?

From Wall Street Journal:

The Federal Reserve raised short-term interest rates for the 10th consecutive time, lifting its short-term rate target to 3.5% from 3.25% and signaling that more increases are to come.

The decision, which was expected, comes as analysts raise the level to which they think the Fed must ultimately raise its target rate because of strengthening economic growth, a slightly less favorable inflation picture and still-low long-term interest rates.

"Aggregate spending, despite high energy prices, appears to have strengthened since late winter, and labor market conditions continue to improve gradually," the Fed said in a statement accompanying its decision. Inflation excluding food and energy prices "has been relatively low in recent months and longer-term inflation expectations remain well contained, but pressures on inflation have stayed elevated."
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