After Wednesday's meeting of the Federal Open Market Committee, the target range for the federal funds rate is now 5.25%-5.5%.
Today's decision by the Fed marks the 11th rate hike in 17 months, after a brief pause in June. The central bank warned that inflation remains elevated and that it's"strongly committed" to bringing it down to its stated goal of 2%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: