*FOMC STATEMENT:* - The Fed raised rates by 25 bps to 3.75%–4.00%. - The vote was 12–0. No dissents. - Inflation is still too high. - The Fed says this hike will bring inflation back to 2% faster. - The economy is growing at a solid pace and spending has held up. - Hiring is keeping up and unemployment has barely moved. - Productivity and business investment are strong. - The Fed says it will deliver price stability. Overall tone: Hawkish.