The Fed hiked rates today to a range of 1/2 to 3/4 percent, as widely expected.

The Wall Street Journal reports Fed Raises Rates for First Time in 2016, Anticipates 3 Increases in 2017

There is nothing to that effect in the FOMC Press Release.

However, the Fed’s internal “Dot Plot” survey shows Fed members believe three more hikes are coming in 2017. Yellen also discussed the “Dot Plot” in her news conference following the announcement.

dot-plot-2016-12-14b

I will believe three rate hikes when I see them.

Live Press Conference

You can also watch the Live Press Conference at the FOMC site.

Mike “Mish” Shedlock