The fed funds rate rate has inched up to its highest level in 11 years even though the central bank has sent said it is done tightening.
The Federal Reserve's benchmark interest rate has inched up to its highest level in 11 years even though the central bank has sent a clear message that it is done tightening policy indefinitely.
When the Fed first began raising rates in December 2015, it succeeded in keeping the funds rate around the midpoint of the target range. But that has changed over the past year. "That's certainly possible down the road, But they'd have to actually be threatening to breach the target range for them to try to explain to the public why they are doing that," Crandall said.
"The recent FF rise has increased speculation the Fed might consider an imminent IOER reduction, possibly at the May meeting next week," Mark Cabana and Olivia Lima, rates strategists at BofAML, said in a note."We think this is premature. It would likely take FF increasing to and remaining at 2.45% before the Fed seriously considers such a move."
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