As expected, the Federal Reserve Federal Open Market Committee (FOMC) raised the federal funds rate last week by another 25 basis points to a target range of 1.75-2 percent. It was a unanimous decision, and the FOMC characterizes the new range as remaining accommodative. Moreover, post-meeting information from the Fed indicated “further gradual increases” are likely in the months ahead; it had previously referred to “adjustments” and avoided use of the word “increases.” In past statements, it has also noted that lower rates would remain in place “for some time.” This was a so-called dot-plot meeting, which refers to when the committee issues a chart with dots, each representing a Fed member&...