The Fed delivers a hike and a message: Bloomberg View

(March 16): The Federal Reserve did more today than increase its benchmark interest rates by a quarter-point, only the third hike in more than 10 years -- it also took an important step forward in a gradual policy transition.

Hoping for what I have labelled earlier a “beautiful normalisation” of rates, the central bank is moving beyond strict data-dependency and becoming more comfortable about leading markets rather than following them.

In the process of becoming more strategic and less tactical, the Fed will, and should, shine more of the spotlight on others with responsibility for economic policy.

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