At today's meeting of the Federal Open Market Committee, the federal funds rate target was increased to a range between 1.75% and 2.00%. The financial markets had expected today's action as indicated in the Action Economics Forecast Survey. The minutes to today's meeting indicated that additional rate increases may be forthcoming.

The minutes focused on economic activity rising at a "solid" rate, with household spending having "picked up" and business investment continuing to "grow strongly."

The Fed noted that total inflation and inflation, less food & energy, have moved close to the 2% objective and that longer-term inflation expectations are little changed.  

The Fed updated its economic projections. Estimates for real GDP growth are now 2.8% in 2018, 2.4% in 2019 and 2.0% in 2020. Only 2018 was altered from 2.7%. The core PCE price index is now expected to increase 2.0% this year, 2.1% in 2019 and 2.1% in 2020, changed from 1.9% in 2018 and 2.0% in 2019. The estimates of the civilian unemployment rate of 3.6% this year, 3.5% next year and 3.5% in 2020 were lowered from 3.8% for 2018, from 3.6% for 2019 and from 3.6% for 2020.   

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

Haver's SURVEYS database contains the economic projections from the FOMC.