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The Federal Open Market Committee raised the target range for the federal funds rate to 3/4 to 1 percent based on continued strengthening of the labor market and inflation moving close to its 2 percent target. While economic activity has continued to expand at a moderate pace, the Committee expects gradual rate increases will be necessary to sustain labor market gains and stabilize inflation around 2 percent over the medium term. One member voted against the rate hike, preferring to keep rates unchanged. Th

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