The Federal Reserve Board of Governors has finally raised interest rates. On March 16, the central bank announced interest on reserve funds would be .4%. Bank currency transactions will keep interest rates in a range between .25 and .5%.

Further, officials indicated that several more interest rate increases would be coming down the pike this year, perhaps a total of six.

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Arthur I. Cyr is Clausen Distinguished Professor at Carthage College and author of “After the Cold War” (NYU Press and Macmillan). Readers can wrote to him at acyr@carthage.edu.

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