The Federal Open Market Committee approved the following statement by a vote of 12 to 0, deciding to raise the federal funds rate target range by 25 basis points to 3.75%-4% to support the Federal Reserve's dual mandate. The Committee continues its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace. Despite uncertainties remaining elevated partly due to developments in the geopolitical situation, domestic spending has remained resilient. Productivity growth has been strong, and capital investment has been robust. Employment growth has kept pace with labor force growth, while the unemployment rate has changed little. Inflation remains high. Today's policy action will support a more timely return to the Committee's 2% target. The Committee will achieve price stability. [Odaily]