The Fed approved a 0.25 percentage point rate hike, the first increase since December 2018.
Along with the rate hikes, the committee also penciled in increases at each of the six remaining meetings this year, pointing to a consensus funds rate of 1.9% by year's end. That is a full percentage point higher than indicated in December. The committee sees three more hikes in 2023 then none the following year.
The rate rise was approved with only one dissent. St. Louis Fed President James Bullard wanted a 50 basis point increase.
Members also pared expectations for economic growth this year and sharply raised their outlook for inflation.
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