The Federal Reserve on Wednesday voted 9-1 to raise a key interest rate by a quarter-point to a range of 0.75% to 1%, signaling just two more increases this year in line with its prior forecast. The Fed said inflation is "moving close" to its 2% target, though its 2017 estimate for PCE was left unchanged at 1.9%. The Fed did nudge its projection for core PCE inflation this year to 1.9% from 1.8%, however. The lone dissenter was Minneapolis Fed President Neel Kashkari, who preferred to leave the fed funds rate unchanged.
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