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Here's what was said at the FED's Press Conference today

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The Federal Reserve raised the target range for the fed funds rate by 75bps to 2.25%-2.5% during its July 2022 meeting, the fourth consecutive rate hike, and pushing borrowing costs to the highest level since 2019, matching market forecasts. The central bank said that ongoing increases in the target range will be appropriate and that it is prepared to adjust the stance of monetary policy if risks emerge that could impede the attainment of the Committee's goals. During the regular press conference, Chair Powell said he could not predict monetary policy range for next year and that next decisions will be data dependent. Powell also said the central bank will be looking for moderately restrictive level by the end of the year, meaning a 3% to 3.5% level for the fed funds rate. source: Federal Reserve