The Federal Reserve’s FOMC unanimously approved a 25-basis-point rate hike by a 12-to-0 vote, lifting the target range for the federal funds rate to 3.75%–4.00%. It continues to implement the policy of maintaining ample reserves in the banking system. The FOMC stated that US economic activity keeps expanding steadily, domestic spending remains resilient, productivity grows strongly, capital investment stays at a relatively high level, employment growth is roughly in line with labor force growth, and the unemployment rate sees little change. Inflation remains elevated, and this rate hike aims to bring inflation back to the 2% target in a timelier manner.