As expected, America’s Federal Reserve Bank today raised the benchmark federal funds rates for the 15th consecutive time, to 4.75%. Prior to the announcement, the USD had traded downward, as traders braced for the possibility that this would be the last rate hike for a while. Ben Bernanke, Chairman of the Fed, soon allayed their anxiety by suggesting “some further policy firming may be needed.” In fact, some of the most hawkish analysts are now predicting the Fed will continue raising rates to 5.5% in the coming months.

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