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Market Commentary - Page 10

The Federal Reserve increased short-term interest rates Dec. 16 for the first time in nearly a decade. The action capped a year of uncertainty about global asset markets. The possibility of a Fed rate hike had been a key contributor to market volatility throughout 2015.

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The Federal Reserve is almost certainly going to raise very short-term interest rates for the first time in nearly a decade when it meets in Washington next week. For us, as municipal bond investors focused on income generation over the long term, this is good news.

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