At 2 p.m. EST the Federal Reserve released a statement claiming it is raising its target federal funds rate range to 0.50%-0.75% from the previous range of 0.25%-0.50%.  Market expectation leading up to the announcement supported the same target move, however the Federal Reserve has increased its median expectation for rates in 2017.  Prior to the conclusion of the two-policy meeting, expectation called for two general rate increases totaling a 0.50% rise in the fed funds target range, but officials now project the median rate to be 1.4% by the end of 2017 likely to be done in three gradual steps.   This decision marks a general path of divergence between U.S. monetary policy and other large foreign economies with either sustained interest rate policy or further reducing rates, some into negative territory.      The Wall Street Journal