Federal Reserve Chair Jerome Powell details the Fed’s decision to raise interest rates by 75 basis points on June 15.
JEROME POWELL: At today's meeting, the committee raised the target range for the federal funds rate by 3/4 of a percentage point, resulting in a 1 and 1/2 percentage point increase in the target range so far this year. The committee reiterated that it anticipates that ongoing increases in the target range will be appropriate.
And we are continuing the process of significantly reducing the size of our balance sheet, which plays an important role in firming the stance of monetary policy. Coming out of our last meeting in May, there was a broad sense on the committee that a half percentage point increase in the target range should be considered at this meeting if economic and financial conditions evolved in line with expectations.