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(Bloomberg) -- Here are key takeaways from the Federal Reserve's interest-rate decision and statement on Wednesday:
- Fed raises the federal funds target rate by 75 basis points for a fourth straight meeting, as expected, to 3.75%-4% range
- FOMC statement repeats that officials anticipate “ongoing increases” in borrowing costs but adds a qualifier saying they're aiming for tightening that's “sufficiently restrictive” to return inflation to 2% over time
- Another big change to the statement is a new line with a signal that tightening is entering the final phase: “In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments”
- Decision is unanimous
- Chair Jerome Powell speaks at press conference at 2:30 p.m. in Washington
For Bloomberg's TOPLive blog on the Fed decision and press conference, click here
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