Federal Reserve officials delivered their fourth straight 75 basis-point interest-rate increase while also signaling their aggressive campaign to curb inflation could be approaching its final phase.
The Fed said that "ongoing increases" will likely be needed to bring rates to a level that is "sufficiently restrictive to return inflation to 2% over time," according to the Federal Open Market Committee's statement released in Washington Wednesday following a two-day meeting.
In a new sentence in the statement, the Fed also said: "In determining the pace 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."
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