Economics
Fed Raised Rates Without a Hitch, and It Only Took $105 Billion
- Benchmark rate rises 20 basis points to middle of new range
- Reverse repos drain $105 billion Thursday, $143 billion Friday
QuickTake: The Fed Lifts Off
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The Federal Reserve succeeded in nudging borrowing costs higher Thursday after its first interest-rate increase since 2006, and policy makers only needed to siphon $105 billion from money-market funds to achieve their goal.