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Contributed by mm | May 10, 2006 2:25 PM PST
Bernanke & Co. did it again and the new Fed rate is 5% now. However, the wording of the statement now leaves room for all possibilities of future interest rate actions.
Anyway, the 5% Fed rate should push another round of increase in money market account yields. At 5%, it is a pretty yummy reward to park your emergency fund risk-free.
From Wall Street Journal:
The Federal Reserve raised short-term interest rates to 5%, and said it may raise rates further, but whether it does so will depend on incoming economic data.
The quarter-point increase in rates, the 16th consecutive quarter-percentage-point increase since June 2004, was widely expected. The accompanying statement opened the door for a halt to rising rates for the first time in two years, while not discarding altogether the prospects for more increases.
"Some" increase in rates "may yet be needed to address inflation risks," the Fed said, adding the word "yet" to its March 28 statement. It added: "the extent and timing of any such firming will depend importantly on the evolution of the economic outlook."
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