The Fed raises interest rates by a quarter percentage point

Why investors aren't freaking out about inflation

President Donald Trump said Wednesday he's "not happy" about the Federal Reserve's decision hours earlier to raise interest rates for a third time this year.

Officials voted unanimously Wednesday on the increase, which will bring the benchmark federal-funds rate to a range between 2% and 2.25%.

In addition to its formal statement, the Fed released the economic projections of the members of its Federal Open Markets Committee. A CNBC survey found that 98% of respondents expected the Fed to hike rates this month, while 96% predict another quarter-point hike in December.

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Iran is the third biggest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC). Trump's comments did little to harm the price movement however as Brent crude rose close to 1 per cent.

The rate hike came as no surprise to economists and other market experts. Ahead of Wednesday's statement, traders put the chance of a rate increase at 95 percent, according to CME Group. But the Fed is an independent organization and has shown no signs of being swayed by the president's jabs. That word, "accommodative", is the bank's way of saying that the baseline of its rate policies was to keep rates comparatively low in order to stimulate the economy. The Fed is widely expected to raise rates again in December. But Trump just tripled the amount of tariffs in place this week with his latest import taxes on Chinese goods.

"The people that did it right...got hurt the most, so in one sense I like it", Trump added, "but basically I'm a low-interest-rate person". "My guess is it might be a little higher than last time, because the economy seems to be on a pretty strong track".

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