Tue Mar 28 22:03:05 2006 - Federal Reserve raises Federal Funds Rate to 4.75%

Benjamin S. Bernanke, in his first ever Federal Open Market Committee meeting led to an increase in the federal funds rate this Tuesday by 25 basis points leading to 4.75 percent. This was the 15th consecutive increase in the federal funds rate leading to a strengthening in the value of the dollar relative to other currencies. Conversely, stocks and bonds dropped as the dollar's value hit the air.