The Federal Reserve has raised its benchmark interest-rate target by a quarter percentage point, taking the federal funds target range to 3.75%-4%.
What happened
The Federal Open Market Committee approved the move by a 12-0 vote. Its statement said economic activity was expanding at a solid pace, job gains had kept pace with the workforce and inflation remained elevated.
Context
The decision came amid heightened geopolitical uncertainty and renewed concern about price pressures. The Fed's statutory monetary-policy mandate centres on maximum employment and price stability.
What happens next
Minutes from the September meeting are scheduled for October 7, with the next FOMC meeting set for October 27-28.
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