Guidance regarding interest rates that Federal Reserve officials provide the public and markets will likely be viewed with more skepticism after this week.
On Wednesday, the Federal Reserve raised its overnight target rate by three quarters of a percentage point, the largest such move since late 1994. That came as market expectations shifted rapidly at the start of the week, even as the Fed’s so-called blackout period, in which central bankers must refrain from commenting in public on monetary policy issues, was in effect.
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