Summary
The Federal Open Market Committee increased the target range for the federal funds rate by 0.25 percentage points to 3.75%–4.00%.
What happened
The Committee approved the decision by a 12–0 vote. Its statement described economic activity as expanding at a solid pace and inflation as still elevated, while noting continued uncertainty around geopolitical developments.
Why it matters
The federal funds target is a central reference point for US borrowing costs and monetary-policy expectations. It is therefore relevant to users comparing values or converting amounts involving the US dollar.