All 12 committee members voted to lift the benchmark rate by 0.25 percentage points. Whether the Fed moves again in September depends on the August jobs and inflation reports, due days before the meeting.
The Fed lifted its benchmark rate to 3.75%-4.00% after inflation stayed above its 2% target for more than five years. Officials do not expect inflation to return to target until 2029.
The Fed hiked its benchmark rate by a quarter point to 3.75%-4.00%, with policymakers signalling more increases could follow. President Trump called for rates of 1% or lower; Fed chair Kevin Warsh defended the bank's independence.
The Federal Reserve lifted its benchmark rate to 3.75%–4%, with Chair Kevin Warsh saying inflation remains too high. The Fed does not expect to hit its 2% target until 2029, and most officials expect at least one further rise this year.
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