Fed resets global rate cycle as Azerbaijan builds monetary buffer
The US Federal Reserve (Fed) raised interest rates on Wednesday for the first time in more than three years, increasing the target range for the federal funds rate by 25 basis points to 3.75%–4.00%. The move, which fully met market expectations, also signaled new rate hikes in the near future. The decision by the monetary authority of the world’s largest economy effectively signals the beginning of a new phase in global financial markets.