the fed raised interest rates to a 22yearhigh wednesday afternoon a widely expected move you can read its full statement here in the statement the central bank called the us banking system sound and resilient tighter credit conditions for households and businesses are likely to weigh on economic activity hiring and inflation the extent of these effects remains uncertain the committee remains highly attentive to inflation risks in determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time the committee will take into account the cumulative tightening of monetary policy the lags with which monetary policy affects economic activity and inflation and economic and financial developments in addition the committee will continue reducing its holdings of treasury securities and agency debt and agency mortgagebacked securities as described in its previously announced plans the committee is strongly committed to returning inflation to its 2 percent objective a press conference is set for 230 pm et you can watch it live here