Fed approves hike that takes interest rates to highest level in more than 22 years

The quarter percentage point increase will bring the fed funds rate to a target range of 5.25%-5.5%.

During a news conference, Chairman Jerome Powell said inflation has moderated somewhat since the middle of last year, but hitting the Fed’s 2% target “has a long way to go.” Still, he seemed to leave room to potentially hold rates steady at the Fed’s next meeting in September.