Fed announces rate hike decision

The Federal Reserve’s governing board has released its decision on interest rates while acknowledging that inflation is closing in on its target without indicating any intention to veer from their gradual path of interest-rate increases.

“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 percent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”

Source: Fed announces rate hike decision