The rate has been raised to 0.75% from 0.5% as the Fed takes a little punch from the bowl.
They say they do not intend to signal any change in outlook for the economy or monetary policy.
This effects the banks somewhat, but would not have too much impact on market rates once the shock wears off. One more step toward normalization.
As I noted earlier, a move was likely, but I did not expect it this quickly.
