As expected, the Federal Reserve elected to raise interest rates at its meeting today.
The Federal Open Market Committee (FOMC), the Fed’s governing board, said that “further gradual increases” in interest rates were consistent with “sustained expansion of economic activity.”
“In view of realized and expected labor market conditions and inflaction, the Committee decided to rase the target range for the federal funds rate to 2 ¼ to 2 ½ percent,” the FOMC said in a statement.
The rate increase is the fourth this year. The Fed last raised rates in September.
The rate increase came despite public criticism from President Donald Trump, who has been vocal about his desire for the Fed to hold rates steady.
“It is incredible that with a very strong dollar and virtually no inflation, the outside world is blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory,” Trump tweeted Monday.