For the 10th time in a little over a year, the Federal Reserve voted on May 3 to raise its target range for the federal funds rate. The increase of 25 basis points (0.25 of a percentage point) is as small as these hikes get. But it makes the target range — now 5% to 5.25% — the highest it’s been since 2006. The goal of the May 3 rate hike is the same as for the prior nine hikes: Bring down...
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