] The Federal Open Market Committee decided today to raise
] its target for the federal funds rate by 25 basis points
] to 1-3/4 percent.
]
] The Committee believes that, even after this
] action, the stance of monetary policy remains
] accommodative and, coupled with robust underlying growth
] in productivity, is providing ongoing support to economic
] activity. After moderating earlier this year partly in
] response to the substantial rise in energy prices, output
] growth appears to have regained some traction, and labor
] market conditions have improved modestly.