In a widely expected move, the Federal Open Market Committee decided today to raise its target for the federal funds interest rate to 4.5 percent. The decision marks the 14th straight time the Fed has raised interest rates over the last 19 months. The meeting in which the decision was made was the last for Fed head Alan Greenspan, the chairman of the committee and a looming figure on the American economic scene for 18-1/2 years. Ben Bernanke, who has been nominated as his successor, faces a confirmation vote in the Senate today. The vote is expected to be positive. Along with the news of its rate-raising decision, the committee also published its thoughts on the economy. These carefully worded statements are closely watched for indications of possible future actions by the Fed. "Although...
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