Key Takeaways From Fed Decision to Raise Rates a Quarter Point

Here are key takeaways from the Federal Reserve’s interest-rate decision and statement on Wednesday:

Federal Open Market Committee raises benchmark rate by 25 basis points, as forecast, to target range of 5%-5.25%; omits prior language saying “some additional policy firming” may be warranted, suggesting Fed could pause at the next meeting
Instead, FOMC will take into account various factors “in determining the extent to which additional policy firming may be appropriate”
Inflation remains elevated and FOMC “remains highly attentive to inflation risks,” though tighter credit conditions will weigh on the economy and prices
Fed maintains plan to shrink balance sheet each month by as much as $60 billion for Treasuries and $35 billion for mortgage-backed securities
Vote is unanimous

(Bloomberg) — For Bloomberg’s TOPLive blog on the Fed decision and press conference, click here