FOMC raises federal funds rate target by 75 bps to 2.25-2.50% as widely expected. The decision was by unanimous vote.
In the accompanying statement, Fed said that recent indicators of spending and production have “softened”. But job gains have been “robust”. Inflation remains “elevated”. Russia’s war against Ukraine are “creating additional upward pressure on inflation” and are “weighing on global economic activity”.
Fed pledged to “continue to monitor the implications of incoming information for the economic outlook” and be “be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals”.