The Federal Open Market Committee decided not to raise interest rates when it last met on Oct. 28, but a rate hike in December is expected. In the Federal Open Market Committee's (FOMC) last summary of projections, members targeted a year-end median federal funds rate of 4. 1%. The rate is currently in the 3. 75% to 4% range, so their median projections would suggest one more rate hike this year.
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