Rate hike after more than three years: How will the Fed's policy impact play out?

In the early hours of September 17, Beijing time, the Federal Reserve announced a 25 basis point rate hike, raising the target range for the federal funds rate to 3.75% to 4%. The simultaneously updated dot plot showed that of the 18 officials who provided interest rate forecasts, 16 expected the Fed to raise rates at least once more this year. The CME FedWatch Tool showed that the market currently expects the probability of a Fed rate hike in October to be slightly above 50%.