The Fed unanimously hiked its policy interest rate range 25bp as widely expected with the statement retaining the phrasing that further policy firming “may be appropriate”. With two months’ worth of data to come before the next FOMC meeting we suspect evidence of slowing inflation and softer activity won’t make that necessary. 25bp hike, further action "may be appropriate" After categorizing the June pause as a slowing in the pace of rate hikes the Federal Reserve has unanimously voted to raise the Fed funds target range 25bp to 5.25-5.5%, the highest level for 22 years. Markets and economists saw little chance of ... (full story)