Fed meeting today: Live updates

In a move widely anticipated by Wall Street, the Federal Reserve raised its benchmark interest rate by a quarter percentage point and suggested one more increase could be in the cards before year-end.

The rate hike moves the central bank's target range on the overnight funds rate to 3.75% to 4%, and policy makers voted 12-0 in favor of the increase.

The central bank's tougher stance on monetary policy comes as the Fed grapples with stubborn inflation, worsened by a recent rebound in oil prices.

At his press conference, Fed Chairman Kevin Warsh said that neither he nor his fellow policymakers are happy with the current pace of inflation.

"Our predominant focus is on the price stability side of our mandate," he said. "The plain fact is that inflation is too high and has been for too long."