The Fed raised the fed funds rate to 5% this afternoon. QuantLogic helpfully provides a blackline of today's statement against the statement issued in March.
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-3/4>5.
The slowing of the growth of real GDP in the fourth quarter of 2005 seems largely to have reflected temporary or special factors. Economic growth has rebounded strongly in the current quarter but appears likely to moderate to a more sustainable pace. Economic growth has been quite strong so far this year. The Committee sees growth as likely to moderate to a more sustainable pace, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices.
The rest of the mark-up here.