BREAKING: Fed lifts benchmark rate 25 bps to 3.75%–4.00% range in 12–0 vote; FOMC says inflation "remains elevated"

BREAKING: The Federal Reserve raised the federal funds rate by 25 basis points, setting the target range at 3.75% to 4.00% following a 12–0 unanimous vote. The FOMC said inflation "remains elevated" and that today's move "will support a timelier return to the Committee's 2 percent goal."