FOMC Meeting Today

The FMOC meeting was the key event today. The target federal funds rate was raised .25% to 4.5%, which was exactly what markets were expecting. The commentary was notable for not including the term "measured" and for using a new phrase to describe possible future hikes, "may be needed." This was pretty much what analysts had expected. Ben Bernanke will be confirmed by the Senate tomorrow morning. Another rake hike is likely in March, though much depends on February's data.