Fed Lifts Rates 13th Straight Time
Fed Began Raising Rates In June 2004
POSTED: Tuesday, December 13, 2005
UPDATED: 2:24 pm EST December 13,
2005
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WASHINGTON -- Federal Reserve policy makers cranked up interest rates another notch on Tuesday.Federal Reserve Chairman Alan Greenspan and his colleagues raised the benchmark federal funds rate -- the interest that banks charge each other -- another quarter-percent higher, to 4.25 percent. It marked the 13th time the Fed has raised interest rates since it began tightening credit in June 2004 when the funds rate stood at a 46-year low of 1 percent. At the same time, policy makers are signaling that the campaign to raise interest rates to fight inflation is coming to an end. The signal that the rate hikes were coming to an end came in a slight change in the public statement in which the Fed dropped the description of current rate hikes as accommodative. Even with the slight language change, some analysts believe that the Fed will raise rates at least one more time by a quarter-point at Greenspan's last meeting as Fed chairman on Jan. 31.That would leave the funds rate at 4.5 percent. Wall Street has been looking for signs from the Fed's accompanying economic assessment that the central bank is moving closer to stopping its program of hikes.
Previous Stories:
- December 8, 2005: 30-Year Mortgage Rates Move Higher
- November 17, 2005: Mortgage Rates Up Slightly
- November 11, 2005: 30-Year Mortgages Climb Again
- November 3, 2005: Long-Term Mortgage Rates Hit 6.3 Percent
- November 1, 2005: Fed Raises Rates For 12th Straight Time
- October 20, 2005: 30-Year Mortgage Rates Hit 15-Month High
- October 13, 2005: 30-Year Mortgage Rates Top 6 Percent
- October 6, 2005: Mortgage Rates Rise On Inflation Jitters
- September 29, 2005: Rates On 30-Year Mortgages Hit 5-Month High
- September 15, 2005: Mortgage Rates Inch Higher
- September 8, 2005: Rates On 30-Year Mortgages Hold Steady
Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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