Defying the wishes of President Donald Trump, the Federal Reserve on Wednesday raised its benchmark interest rate although the central bank did lower its forecast for how many more increases will be needed in the future.
The central bank now penciled in two rate hikes in 2019, not the three moves seen in September, and it still forecasts just one more hike for 2020.
But the Fed was not completely dovish.
Six Fed officials penciled in three rate hikes in 2019. The Fed statement repeated that further rate hikes were expected — a clause some economists thought the central bank would take out of the statement entirely.
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