Today, as expected, the Federal Open Market Committee (FOMC) unanimously voted to raise its overnight interest rates by a quarter percentage point to 2.25%. This is the fifth increase of the interest rate.

“Monetary policy remains accommodative, future rate hikes are likely to follow a measured pace. Inflation and longer-term inflation expectations remain well contained. The committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stabiliity", the FOMC said in its statement.