Here's what 8 banks are saying about the US Fed rate hike

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Soyuz-FG rocket booster with Soyuz TMA-19M

AP/Dmitry Lovetsky

The Soyuz-FG rocket booster with Soyuz TMA-19M space ship carrying a new crew to the International Space Station, ISS, blasts off at the Russian leased Baikonur cosmodrome, Kazakhstan, Tuesday

The US finally raised interest rates on Wednesday, after seven years of monetary policy designed to stimulate the economy and counter the global financial crisis of 2008.

In a unanimous vote, the FOMC - the Fed's policy-setting committee - agreed to raise the target range of the federal funds rate by 25 basis points to 0.25% to 0.50%, "given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes."

But what does this historic decision mean, and how will the US and global economy change as a result?

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Well, analysts at investment banks wasted no time to weigh in. Here are what eight of them said.