Edit this postFed hikes interest rate by 75 bps points
Federal reserve raises key overnight interest rate 75 basis points to 2.25-2.50%, anticipates "Ongoing increases" will be appropriate
Fed says recent indicators of spending and production have softened
Fed says job gains have been robust, unemployment rate has remained low
Fed says inflation remains elevated, reflecting pandemic-related imbalances, higher food and energy prices, broader price pressures
Fed says balance sheet reduction will accelerate in sept as planned, with monthly caps on runoff rising to $35 bln for mbs and $60 bln for treasuries
Fed says war in ukraine creating additional upward pressure on inflation, weighing on global economic activity
Fed says fomc is "Highly attentive to inflation risks"
Fed says fomc is "Strongly committed" to returning inflation to 2% goal
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