U.S. fed funds rate hits highest since December 2008

June 27, 2016 1:28 PM

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NEW YORK The U.S. interest rate that the Federal Reserve targets to achieve its monetary policy touched its highest level on Friday since the height of the global credit crisis, following Britain's stunning vote to leave the European Union.

Thursday's referendum on Britain's membership in the economic bloc threw financial markets into turmoil as investors fretted about the global fallout, including on the British banks.

Also read: Powell Says Solid Economy Supports Further Fed Rate Increases

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