The Dallas fed guv before Kaplan was ok
Most are dems though
Rates are still microscopic. And it was only earlier this year that we were hearing of the possibility of negative interest rates.
This raise is on the shortest of rates, the Fed’s discount rate. On money that the Fed loans to commercial banks. It’s a means of controlling the growth of the money supply.
The broader savings pool, bond buyers at large, determine long rates as they bid at the Treasury auctions. The supply of T-bills and the inflation rate is a bigger factor here than the Fed’s discount rate.
I would think that after nearly 16 years of microcopic interest earned on savings that people would want to see rates come up some.