At today's meeting of the Federal Open Market Committee, the targeted federal funds rate was increased 25 basis points to a range of 1.00% to 1.25%. The targeted range has been raised four times since the low of 0.12% in place from late-2008 until late-2015.

Improvement in real economic activity prompted today's action. With economic growth remaining moderate, the Fed observed strengthening in the labor market, improved retail spending and expanded capital investment.

Future rate action continues to be dependent on economic and inflation conditions, as well as inflation expectations and international developments.

The Fed expects real economic growth of 2.2% this year, then 2.1% next year and 1.9% in 2019 compared to 2.1%, 2.1% and 1.9% when published in March. Expected core PCE price inflation was pegged at 1.7%, then two years at 2.0% compared to 1.9%, 2.0% and 2.0% at the last meeting. The expected unemployment rates in the final quarters of 2017, 2018 and 2019 of 4.3%, 4.2% and 4.2% were reduced from three years at 4.5%.

The press release for today's FOMC meeting can be found here.

Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.