Earlier posts, read from the bottom up for the chronology
If you are just waking up, the main points, in (very, very) brief:
- Federal Open Market Committee raised the target range for the Federal Funds policy rate by 50 basis points (bps), to between 0.75% and 1.0%
- FOMC announced the start of the Bank's balance sheet runoff. The pace of runoff was confirmed today as $95 bn/month ($60 bn in U.S. Treasuries and $35 billion in Agency MBS). There is a three-month phase-in period.
- At Powell's news conference he said a 75bp hike is not being actively considered