Breaking: Fed lifts Fed funds target rate by 25bps to 0.25-0.50% as expected, signals more hikes to come

The US Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) had voted to lift the Federal Funds Rate (FFR) target range to 0.25-0.50% from 0.00-0.25%, as expected. In the Fed's updated statement on monetary policy, it signaled that further rate hikes would likely be appropriate, as expected.