Fed hikes rates by 25bps to 3.75-4.00%, as expected; unanimous decision

Says inflation remains elevated (note, drops earlier description of that owing in part to supply shocks). Maintains that economic activity is expanding at a solid pace. Committee will deliver price stability. Productivity growth is strong, and capital investment are is robust (prev. productivity growth and capital investment are strong). Adds, "while uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient." Adds, "today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability." Inflation remains elevated (removes "Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.")