Fed Funds Rate - A Step Down From 75 Basis Points

With today's action, we have raised interest rates by four and a quarter percentage points this year. We continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate. Financial conditions fluctuate in the short term in response to many factors. But it is important that over time they reflect the policy restraint that we're putting in place to return inflation to two percent.

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