Janet Yellen signaled unequivocally that the Federal Reserve Open Market Committee will raise the repo and funds rate in their December meeting. It is hard to believe that this is a surprise to anyone. Rates have been flying upward since July with only the rates the Fed controls remaining dormant. So, the Fed is now facing reality and raising the two rates that they have any influence over.
Much ado about nothing. The Fed is acting only to avoid the market proving, once again, the irrelevancy of the Federal Reserve.