The Breitbart Business Digest Weekly Wrap: Warsh Hiked Two Interest Rates Welcome back to Friday! This was Fed week. As just about everyone expected, the Federal Open Markets Committee (FOMC) raised the fed funds rate by one-quarter of a percentage point. The Fed also released the Summary of Economic Projections showing that Fed officials are becoming more confident about real economic growth and the labor market. The media desperately await a freak-out from Trump that never arrived. Maybe the president actually likes growth, even if it comes with a rates running a bit higher. Let’s go. Kevin Warsh Lowered Long Term Rates The Federal Reserve raised interest rates this week. Or did they? The Fed definitely raised two interest rates: the overnight federal funds rate it targets and the interest on reserves rate it sets. But the 10-year Treasury yield that serves as a benchmark for mortgages and corporate debt barely moved. It closed on Thursday at 4.9470 percent, down from the previous Friday’s close of 4.9750 percent. On Friday afternoon, as we prepared this newsletter for you before heading off for our weekly retreat into the woods, the 10-year yield was up to just five percent, slightly below where

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