Market Insider

It's the economy that matters now that the Fed is off the sidelines

Pisani: Yellen is pulling off a neat trick here

Markets Thursday will give more than a glancing look at one of the last big batches of economic data this year, now that the Fed has signaled it could speed up interest rate hikes.

The Fed on Wednesday raised its short-term target rate by 25 basis points in its second rate hike in a year. The Fed also surprised markets with a forecast that showed it could raise rates three times next year, instead of two.

"I think we're moving into a healthier environment where the economic data matters. You have a Fed that is certainly watching global growth and watching inflation around the world," said Rick Rieder, CIO of global fixed income at BlackRock.