The Federal Reserve raised U.S. interest rates again on Wednesday, the seventh increase since 2015 when the central bank resumed raising rates after the last recession.
The unanimous vote brings the federal funds rate to a range of 1.75-2%.
The Fed was widely expected to raise interest rates Wednesday amid strong economic data. Officials penciled in a total of four rate increases for this year, up from a projection of three increases at their March meeting.
The biggest change the Fed made Wednesday was to signal that it intends to do two more rate hikes this year, instead of just one.
We are closing into the FOMC's June policy decision and as the clocks tick closer to the decision timing, following are the expectations as forecasted by the economists and researchers of 8 major banks along with some thoughts on the future course of Fed's action.
The new median forecast projects the Fed's benchmark rate at 3.1 percent by the end of 2019, up from 2.9 percent in the previous forecast.
Though rates are now roughly positive on an inflation-adjusted basis, the Fed still described its monetary policy as "accommodative", with gradual rate increases likely warranted as a sturdy economy enters a 10th straight year of growth.
USA unemployment dropped to 3.8% in May, its lowest level since April 2000 and one of the lowest levels since the second world war.
The unemployment rate is 3.8%, the lowest since 2000 and tied for the lowest reading since 1969.
Consumers can expect interest rates to rise for all types of debt.
Interest rates are going up again as the economy gets hotter. It's the second rate hike under Powell, a Republican appointed to lead the Fed by President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE. While Japan's central bank isn't expected to make any major policy shifts, anticipation is rising that the ECB may outline as early as this week plans to begin paring its bond-buying stimulus program as a prelude to ending them altogether.