The US Federal Reserve announced on the 3rd that it will raise the target range of the federal funds rate by 25 basis points to the level of 5% to 5.25%. In a statement after its two-day monetary policy meeting, the Fed continued to emphasize that "the U.S.
banking system is sound and resilient" and that the Fed is "highly concerned about inflation risks" However, the statement removed the words "some additional policy tightening may be appropriate" and "form a sufficiently restrictive monetary policy stance", raising speculation that this could be a signal to pause interest rate hikes.