Fed's Kevin Warsh: "I don't believe that we need to do harm to the labor markets"

• FOMC raised federal funds rate by 0.25% to 3.75%-4% to combat elevated inflation.
• Economic activity, domestic spending, productivity growth, and capital investment are expanding at a solid pace.
• Inflation remains elevated, with core PCE and CPI prices above 2% target, but the Fed aims for price stability without harming labor markets.

The FOMC unanimously voted to raise the federal funds rate by a quarter percentage point to a range of 3.75% to 4%. This decision aims to address elevated inflation and support a timely return to the 2% target, while acknowledging the economy's solid expansion, resilient domestic spending, and robust capital investment.