Powell marks start of Fed tenure with rate rise

At the two-day meeting, the Federal Open Markets Committee (FOMC) voted unanimously to raise the Federal Funds target range from 1.25%-1.5% to the 1.5%-1.75% band, in light of a strengthening economic outlook in recent months. In a statement, the FOMC said it expects that, with further gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in the medium term and labor market conditions will remain strong. Inflation on a 12-month basis is expected to move up in coming months and to stabilize around the Fed's 2% objective over the medium t...