Federal Reserve raises target range to 3.75%–4%

The Federal Open Market Committee voted 12–0 to raise the federal funds target range by 0.25 percentage points to 3.75%–4%. It described economic activity and investment as resilient while maintaining its 2% inflation objective.[1]

The implementation note makes the associated operational changes effective September 17 and raises interest on reserve balances to 3.90%.[2] This is a US policy decision, not a Bank of Canada rate announcement.