Fed raises rates as expected, 8-0 vote
In the latest dots, the rate hike path steepens a little this year, still aiming at 3.4% end-2020; longer-run neutral rate still seen at 2.9%
FOMC statement says economy growing at ``solid rate,'' job gains have been ``strong,'' consumer spending has picked up and investment continued to grow ``strongly''
Language about the economy upgraded, line about rates remaining below long-run levels ``for some time'' was removed
The sentence got tweaked: ``The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term.''
IOER rate raised 20bps to 1.95% as of June 14; discount rate goes up to 2.5%