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federal funds rate

The long-awaited liftoff is here: the U.S. Federal Reserve has announced they are raising the Federal Funds Target Rate to 0.5 per cent. It is the first time in seven years the Fed has increased their trend-setting interest rate, which they cut to 0 per cent on December 16, 2008. Markets had widely anticipated the move, with 81 per cent calling for a hike today. As the U.S. is the largest economy in the world, any change it makes reverberates through the rest of the globe, impacting markets and even the cost of borrowing for other countries.
The U.S. Federal Reserve's seven-year-long streak of near-zero interest rates will continue — at least this month. The Fed
The Dow Jones closed out Friday with the worst weekly performance in two years and the TSX saw its biggest decline since