Houston, we have cleared the tower
There were many dark (and not so dark) corners of the internet that were loudly warning that the FOMC wouldn't be able to hike interest rates. The $2.6 trillion in cash parked at the Fed was certainly a obstacle but credit to the New York Fed because they studied and tested it relentlessly and they've passed the first test.
Repos, Libor, commercial paper are all trading fine but the big one was the effective Fed funds rate -- that's what they're targeting in a range of 0.25% to 0.50%. They've actually pushed it above the 0.335% midpoint.
