FOMC votes for hike but stays cautious on outlook

Janet Yellen of the Federal Reserve
Janet Yellen, Federal Reserve chair

The US Federal Open Market Committee (FOMC) voted for its second interest rate hike of 2017 today (June 14), but gave out more cautious signals than earlier in the year as incoming data showed signs of weakness.

The FOMC voted to raise the federal funds rate 25 basis points to a range of 1–1.25%. In a statement, the committee said: “Near term risks to the economic outlook appear roughly balanced, but the committee is monitoring inflation developments closely.”

All but one FOMC member voted in