FOMC Hikes Benchmark Interest Rate by 25 Basis Points to 5.25%-5.50%

At his post-meeting press conference, Fed Chairman Jerome Powell said no decisions about future rate hikes or pauses had been made, and stressed that the central bank will be highly data dependent going forward. He noted, for instance, that the Fed will have two additional employment reports and two additional inflation reports to mull over before its next rate-setting meeting in September.