The Transom, Ben Domenech, June 15, 2017  “The Federal Reserve said it would raise short-term interest rates and spelled out in greater detail its plans to start slowly shrinking its $4.5 trillion portfolio of bonds and other assets this year. The moves on Wednesday mark the latest test of the economy’s ability to grow on its own as the central bank dials back the unprecedented stimulus measures it unleashed through successive bursts of bond purchases after the 2008 financial crisis… The Fed said it would increase its benchmark federal-funds rate on Thursday by a quarter percentage point to a range between 1% and 1.25% and penciled in one more increase later this year if the economy performs in line with its forecast.” More.  Wall St. dips after Fed rate hike; tech slumps again.