US raises rates for the third time in 2018

The Federal Reserve on Thursday raised US interest rates for the third time this year to 2%. In contravention to president Trumps concerns about wanting lower rates, Fed president Jay Powell cited a strong economy, growth, and wages as unemployment continued to decrease as the reasoning behind the increase. He also laid the groundwork for another hike in Decembers meeting should the current growth path be sustained. Markets noted the absence of any reassurances that the Fed would remain accommodative in the face of any economic weakness indicating markets can expect the Fed to continue to raise rates to around the 3% mark before they look at slowing the pace of these rises.