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Fed 'hit the bulls-eye' with statement: Ex-Wells CEO Dick Kovacevich

Fed 'hit the bulls-eye' with statement: Ex-Wells CEO Dick Kovacevich

Finance
The Federal Reserve's decision to raise its interest rate once more this year and lower its projection for next year "hit the bulls-eye," former Wells Fargo CEO Dick Kovacevich told CNBC on Wednesday. In a highly anticipated decision, the independent agency announced Wednesday it is increasing its benchmark interest rate a quarter-point to 2.25 to 2.5 percent, and planning for two hikes, one less than previously proposed, in 2019. "It did exactly what I wanted [it] to do and what I thought is best to do," Kovacevich said on "Power Lunch." Making his own case to boost th...