00:00In the meeting just concluded, the FOMC decided to raise the target range for the federal funds rate by a
00:07quarter of a percentage point to 3.75% to 4% in support of the Federal Reserve's dual mandate.
00:14The committee is continuing its policy of maintaining ample reserves in the banking system.
00:20As noted in the policy statement released just a short while ago, economic activity is expanding at a solid pace.
00:27While uncertainty remains elevated, owing in part to geopolitical developments, domestic spending has been resilient, productivity growth strong, and capital
00:40investment is robust.
00:43Job gains have kept pace with the workforce, and the unemployment rate has changed little.
00:49But inflation remains elevated.
00:52Today's policy action will support a timelier return to the committee's 2% goal.
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