1.   The Fed lowered the key federal funds rate on overnight bank loans twice last year, in July and December.

2.   Although the discount rate is usually kept below the federal funds target rate, the Fed often moves the two rates up and down more or less in tandem.

3.   Analysts said that the Fed announcement held little news, save raising the discount rate and closing a widening gap with the federal funds rate.

4.   Analysts said the robust pace of growth suggests Fed policymakers will refrain from again lowering the federal funds rate on overnight bank loans to boost growth.

5.   An increase in the federal funds rates must be approved separately by the Federal Open Market Committee.

6.   And changes in the Fed funds rate had an inverse effect on the economy, with a lag, of course.

7.   And it is what the group appears to have aimed for since last June, with five moderate, quarter-point increases in the Fed funds rate.

8.   Any increase in the fed funds rate is likely to help the dollar, especially when both Japanese and German rates are at historic lows.

9.   Any increase in the fed funds rate would widen the gap between U.S. and Japanese rates and between U.S. and German rates.

10.   Any indication U.S. producer prices are rising could prompt the Federal Reserve to raise its target level for the market-set federal funds rate.