The Federal Open Market Committee voted unanimously to increase the benchmark rate by a half percentage point. It will begin allowing its holdings of Treasuries and mortgage-backed securities to decline in June at an initial combined monthly pace of $47.5 billion, stepping up over three months to $95 billion.

“The FOMC today made their first meaningful move towards righting their inflation wrong, and this should be welcomed by investors rather than feared,” said Seema Shah, Chief Strategist, Principal Global Investors.

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