The elephant in the U.S. Fed room

Back in mid-March, the Federal Reserve raised the U.S. official interest rate, otherwise known as the federal funds rate, by 0.25%. Although a rise had not really been expected until a couple of weeks before the meeting, when the decision came no one was surprised, as a procession of Fed officials had made it very clear a rate rise was very, very likely. The minutes of this meeting have now...

read full story