Interest rates have lifted off: This week in the market

  • The prime rate moved mechanically to 3.50 percent, rising in lockstep as it will after each future increase in Fed funds.
  • The stock market rose in relief that the Fed was not more aggressive in its words or projections, but has fainted since.
  • Gold fell to a six-year low. Oil broke below $35 per barrel. Natural gas broke below two bucks.

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We have liftoff. The long and short of it follow — short first. The immediate reaction to the Fed’s first hike in 1- years, from a band “0 percent to .25 percent” to .50 percent: The prime rate moved mechanically to 3.50 percent, rising in lockstep as it will after each future increase in Fed funds.