Against a global economic backdrop marked by geopolitical shocks, trade uncertainty and persistent inflationary pressures, the Federal Open Market Committee raised the federal funds target range by 25 basis points at its Sept. 16 meeting, to 3.75-4 percent. The move was the Federal Reserve’s first rate increase since July 2023. At first glance, the decision may appear surprising given the resilience of the US economy. The median FOMC projection puts real gross domestic product growth at 2.3 pe
