By unanimous decision, the FOMC voted to increase the overnight funds target by 75 bps to a range of 3.75% to 4.0%. It was the fourth consecutive 75 bp move, but just the fifth in the last 30 years.

The official statement, released at the conclusion of the meeting, continued to show Fed officials are still “highly attentive to inflation risks,” and as a result, ongoing increases will be required until rates are sufficiently restrictive to return inflation to 2% over time.

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