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Fed raises federal funds target range by 1/4 point to 3-3/4 to 4 percent
In a statement approved by a 12-0 vote, the FOMC raised the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent. It said inflation remains elevated and the action will support a timelier return to its 2 percent goal.
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