The Federal Reserve raised the federal funds rate by 25 basis points on Wednesday, bringing the target range to 3.75%-4.00%. The vote was unanimous. Fed Chair Kevin Warsh cited strong growth, insufficient progress in lowering inflation, and rising geopolitical risks as reasons for the move. Updated Fed projections show that inflation will not return fully to the target level until 2029, while growth and employment expectations improved. Global bond yields edged down slightly.