The US Federal Open Market Committee (FOMC) continued its streak of rate hikes for more than a year, raising the federal funds rate by 25 basis points to a target range of 5-5.25%.

The Fed's move was widely in line with market expectations. It is worth noting that this policy statement did not refer to the language that previously suggested that interest rate hikes would definitely continue.

The statement did note the impact of a "credit crunch" on the economy going forward, and said the FOMC would "take into account the cumulative tightening of monetary policy, the lagged effects of monetary policy on economic activity and inflation, and economic and financial developments." Still, the Fed may be fighting a two-front war, and its rate hikes could expose balance sheet problems at many U.S. banks.

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