After more than two years of daily testing and regular meetings with Wall Street traders and investors, the Federal Reserve's market specialists are still not sure how smoothly they will be able to lift interest rates after seven years at zero.
The US central bank is expected to raise its policy rates by a quarter of a percentage point next Wednesday, but only the next morning its markets team will know how effective the Fed's new and lightly-tested tools will be in prying rates off the floor.
A worst-case scenario for the Fed would be if market rates refused to budge or edged up far less than desired though both the Fed and markets expect the tools to work fine.
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The US central bank is expected to raise its policy rates by a quarter of a percentage point next Wednesday, but only the next morning its markets team will know how effective the Fed's new and lightly-tested tools will be in prying rates off the floor.
A worst-case scenario for the Fed would be if market rates refused to budge or edged up far less than desired though both the Fed and markets expect the tools to work fine.
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