Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. Russia’s war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgagebacked securities, as described in its previously announced plans. The Committee is strongly tweet at 2:00pm: #FED RAISES BENCHMARK RATE 25 BPS TO 4.5%-4.75% TARGET RANGE - BBG *FED REPEATS `ONGOING' RATE INCREASES WILL BE APPROPRIATE *FED SAYS INFLATION HAS EASED SOMEWHAT BUT REMAINS ELEVATED tweet at 2:00pm: FOMC STATEMENT COMPARISON https://t.co/hCxLvjRoJ1 tweet at 2:00pm: Fed: - Repeats It Anticipates ‘Ongoing Increases’ Will Be Appropriate - Inflation Has Eased Somewhat but Remains Elevated - In Determining the Extent of Future Rate Hikes It Will Take Into Account Cumulative Tightening, Policy Lags, and Economic and Financial Developments- tweet at 2:01pm: Fed: Repeats That Recent Indicators Point to Modest Growth in Spending and Production - Repeats That Job Gains Have Been Robust in Recent Months, Unemployment Rate Has Remained Low - Reaffirms Policy Framework, Including 2% Inflation Target

tweet at 2:46pm: Fed’s Powell: - Disinflation Outside Of Core Serv. Ex-Hsng 'Credible' - Many Factors Driving Inflation - Until We See All Aspects of Inflation Coming Down, We Still Have a Lot of Work to Do - We Can Now Say for First Time That Disinflationary Process Has Started tweet at 2:48pm: Fed's Powell: - We See It in Goods Sector - But That's Around 1/4 of the PCE Price Index - We See Disinflation in the Pipeline for Housing - We Expect to See That Disinflation Process Will Be Seen Soon in the Core Services Ex Housing, but We Don't See It Yet tweet at 2:50pm: POWELL: WE'RE TALKING ABOUT A COUPLE MORE RATE HIKES TO GET TO APPROPRIATELY RESTRICTIVE STANCE tweet at 2:51pm: FED'S POWELL: ASKED IF FED POLICYMAKERS TALKED ABOUT A PAUSE, SAID WE SPENT A LOT OF TIME TALKING ABOUT PATH AHEAD - https://t.co/wXVagA44VK tweet at 2:52pm: FED'S POWELL: CONGRESS MUST RAISE DEBT CEILING - https://t.co/wXVagA44VK