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Fed Raises Interest Rates Again: Diamond Price Increases Expected.
The Federal Open Market Committee increased its target for overnight interest rates by a quarter percentage point to 3.75% today. This is the eleventh straight meeting with a quarter-point rate hike. The Fed funds rate is now at its highest level since June 2001. The increase in the federal funds rate was expected by traders and economists on Wall Street. There was one dissent. Fed governor Mark Olson preferred that the Fed stand pat. The committee once again concluded its monetary policy stance remains accommodative and that this "accommodation" can be removed "at a pace that is likely to be measured."
Analysts are not as sanguine believing that the reversal of rising Interests rates is a long way off. Current upward price pressures in both the Oil and Precious Metals markets will spill over into the Diamonds sector as the cost of doing business increases.
Consumers can expect to be paying more for their Holiday jewelry.
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