UThe Federal Open Market Committee (FOMC) raised the fed funds rate one quarter point to a target range of 1.0 to 1.25%, which puts the fed funds rate above the 1.0% threshold for the first time since the height of the financial crisis. The move is an affirmation that the U.S. economy is on firmer footing. President Fed Neel Kashkari of Minneapolis dissented; he has consistently argued that wages and inflation are not high enough to justify additional rate hikes. Kashkari is not alone. President James Bullard of St. Louis, who is not a voting member this year, has also voiced his concern about the low levels of inflation and wages.