Fomc Meeting

FOMC raises rates by quarter point in unanimous vote

Statement omits language signaling more rate hikes are ahead

Key takeaways from the FOMC interest rate decision and Federal Reserve Chair Jerome Powell's press conference:

- The FOMC voted unanimously to raise interest rates by a quarter percentage point, to a target range of 4.50% to 4.75%.

- The statement accompanying the decision omitted language that had been included in previous statements, signaling that more rate hikes were likely ahead.

- Powell said that the FOMC is "committed to bringing inflation back to our 2% target" and that "we will continue to use our tools to do so."

- Powell also said that the FOMC is "close to the end" of its rate-hiking cycle, but that it is "not done yet."

- The FOMC's next meeting is scheduled for March 21-22.