The following are the key points of the Federal Reserve's interest rate statement issued today:

The Federal Reserve's monetary policy committee decided to raise interest rates by 0.75% to reach 3.25%.
Recent indicators point to modest growth in spending and production.
Job gains have been strong in recent months, and the unemployment rate remains low.
Inflation remains high, reflecting supply and demand imbalances related to the pandemic, rising food and energy prices, and broader price pressures.
Russia's war against Ukraine is causing enormous human and economic difficulties.
The war and related events are creating additional upward pressure on inflation and affecting global economic activity.
The Federal Reserve is highly concerned about inflation risks.
The committee seeks to achieve maximum employment and 2% inflation in the long term.
The committee expects that continued increases in the target range will be appropriate.
Additionally, the committee will continue to reduce its holdings of Treasury securities as outlined in the Federal Reserve's balance sheet reduction plans issued in May.
The committee is strongly committed to bringing inflation back to its 2% target.
In assessing the appropriate stance of monetary policy, the committee will continue to monitor the implications of incoming information for the economic outlook.
The committee will be prepared to adjust the stance of monetary policy appropriately if risks emerge that may impede the committee's objectives.
The committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, financial developments, and international developments.