Interest rates went up -- so what's next?

  • The Fed funds rate will be about 1.25 percent at the end of next year, with three hikes in 2016.
  • Then, perhaps, 2.25 percent at the end of 2017.
  • By the end of 2018, the rate should normalize somewhere just above 3.00 percent.
  • Only 18 months ago, the dots had "normal" at 4.00 percent or higher.

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We are so impatient. The first rate hike in almost 10 years is now hours old, and we want to know what’s next.