Fed raises target rate by quarter of a percent 

The Federal Reserve's Open Market Committee today reversed its course of slashing its target for the federal funds rate and instead raised the target by a 25 basis points to 1.25 percent.

The widely anticipated move drew little outward worry from the real estate community, despite talk of a housing bubble. Although the Fed's target rate does not directly impact mortgage rates, it has an indirect effect and the ultra-accommodative 1 percent had fueled the red-hot housing market.

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