Rate Decision
The central bank's policy panel approved a quarter-point increase to the benchmark lending range, bringing it to between 3.75 and 4 percent. All twelve voting members backed the move. Officials indicated this step would help bring consumer prices back toward their stated objective more quickly.
Economic Backdrop
The nation's output is growing steadily. Household outlays have held up, business equipment spending is healthy, and worker efficiency is improving. Hiring has matched labor supply growth, leaving joblessness little changed. Price pressures are still above desired levels, and global tensions contribute to persistent uncertainty.
Banking Policy
The panel is keeping its approach of ensuring financial institutions hold sufficient reserves.
Sources
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