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As I mentioned, today we took another step in gradually scaling back monetary policy accommodation by raising the target range for the federal funds rate by a quarter percentage point, bringing it to 1 and 3/4% to 2%.
We also made some changes to our policy statement, reflecting that policy normalisation is proceeding broadly as we have expected. None of these changes signals a change in our policy views.
Economic growth appears to have picked up in the current quarter, largely reflecting a bounce-back in household spending. Business investment continues to grow strongly, and the overall outlook for growth remains favourable.
